Capitalism and Inequality rejects the popular view that attributes the recent surge in inequality to a failure of market institutions. Bringing together new and original research from established scholars, it analyzes the inequality inherent in a free market from an economic and historical perspective. In the process, the question of whether the recent increase in inequality is the result of crony capitalism and government intervention is explored in depth. The book features sections on theoretical perspectives on inequality, the political economy of inequality, and the measurement of inequality. Chapters explore several key questions such as the difference between the effects of market-driven inequality and the inequality caused by government intervention; how the inequality created by regulation affects those who are less well-off; and whether the economic growth that accompanies market-driven inequality always benefits an elite minority while leaving the vast majority behind. The main policy conclusions that emerge from this analysis depart from those that are currently popular. The authors in this book argue that increasing the role of markets and reducing the extent of regulation is the best way to lower inequality while ensuring greater material well-being for all sections of society. This key text makes an invaluable contribution to the literature on inequality and markets and is essential reading for students, scholars, and policymakers.

This authoritative book, bringing together the reports of the Competitiveness Advisory Group, identifies actions to improve European competitiveness politically, economically and socially. The objective is to raise living standards and maintain social cohesion. The Competitiveness Advisory Group has the mission of advising the European Commission and the Heads of State and Government of the European Union. The members of this independent group, which includes leading industrialists, trade unionists, politicians and academics, have adopted a 'bottom-up' approach, seeking to draw lessons from the experience of countries, industries and firms: they rely on 'benchmarking' in order to identify best practice. In the context of increasing interdependence of world trade and consequent globalization of the international economy new policy prescriptions are required for growth and employment, greater efficiency and higher standards of living. In relation to this, the Group discusses the need to close the worldwide technology gap, for Europe to develop deeper relations with the fast growing Asia Pacific region and argues for greater European solidarity in international trade negotiations. Within the European Union itself, it emphasizes the need to achieve the internal market for the free flow of goods, services and people. In addition, it stresses that Europe needs to catch-up, construct and eventually lead the development of the information society in which workers are recognized as a major asset to be invested in. The Group concludes that, although unemployment remains high, European competitiveness now has a brighter future with the movement towards economic and monetary union, and the enlargement of the European Union eastwards. This book will be essential reading for policymakers, government advisers, industrialists and academics concerned with the future of European economies and societies.

Discover an exceptionally clear, concise introduction to microeconomics using an approach that avoids high-level mathematics but still offers meaningful practice with Nicholson/Snyder's INTERMEDIATE MICROECONOMICS AND ITS APPLICATION, 13E. These prestigious authors present the economics of markets using a managerial focus and a variety of approaches, including intuitive illustrations, graphical presentations and some simple algebra. A wealth of relevant applications and current examples demonstrate microeconomics at work in a variety of settings. In addition, updated step-by-step video problems and engaging activities allow you to learn by doing. This edition's full-color revisions explain the latest developments and events, including the economic impact of the COVID pandemic. New MindTap online resources are also available to further strengthen your mastery of microeconomic concepts.

Economic growth is generally regarded by governments and most ordinary people as a panacea for all problems, including issues caused by the COVID pandemic. But this raises an important question: is further growth in advanced economies able to increase well-being once people's basic subsistence needs are met? Some advanced market economies, e.g. the United States, have exhibited a decline in well-being, both subjectively and objectively measured, over several decades despite seeing economic growth during the same period. This book provides an original and comprehensive explanation: economic growth, as driven by market forces, induces people, through both the demand- and supply-side channels, to pursue command over more material resources, and this weakens the self-generation of capabilities, putting well-being at risk of deterioration. The book argues, with the support of a variety of evidence, that the challenge can be overcome if governments' policies and people's choices pursue, as their ultimate goal, 'fundamental human development' on an evolutionary basis: the development of the capability of a typical person to conceive and share with others new purposes, to pursue them individually or collectively, and thus to contribute to building human culture. If such human development is prioritised, it makes people satisfied with their lives and resistant to adverse shocks, and it can even shape the pattern of economic growth. By contrast, if economic growth is prioritised, it tends to weaken and impoverish fundamental human development, and consequently people's well-being and social cohesion. With this volume, readers will find an answer to a problem that is both urgent and long-term, both individual and societal. The work makes a substantial contribution to the literature on wellbeing, the economics of happiness, human capital and growth, and the capability approach.

This is a major study of economic policy making in Britain between the wars. It provided the first full-length analysis of the early development of fiscal policy as a tool of modern economic management. The central question addressed is how Keynesian fiscal policies came to be adopted by the British government, with particular attention paid to the role of the Treasury and to that of Keynes himself.
Drawing extensively on unpublished documents hitherto untapped by economists or historians, Roger Middleton challenges the widely held view of official economic thinking as an ill-informed group of people holding the Treasury view in opposition to Keyness prescriptions for deficient demand and mass unemployment. Instead he argues that acceptance of Keynesian economics during the Second World War resulted from political and administrative factors as much as a conversion to Keynesian theory. He investigates the form and impact of fiscal policy during the 1930s and, through a constant employment budget analysis, shows convincingly that at times of rising unemployment governments ignore at their peril the effects of automatic stabilizers upon budgetary stability.
Historians and economists welcomed this fresh perspective on a debate of historical as well as contemporary importance. Towards the Managed Economy is essential reading for all those interested in the rise and fall of Keynesian demand management. This classic text was first published in 1985.

Intermediate Microeconomics: A Tool-Building Approach is a clear and concise calculus-based exposition of current microeconomic theory that is essential for students pursuing degrees in economics or business. The second edition explicitly incorporates constrained optimization techniques. This beautifully presented and accessible text covers all the essential topics typically required at the intermediate level, from consumer and producer theory to the market structures of perfect competition, monopoly, duopoly, and oligopoly. Other topics include general equilibrium, risk, and game theory, as well as chapters on externalities, asymmetric information, and public goods. Through numerical examples as well as exercises, the book aims to teach microeconomic theory via a process of learning-by-doing. When there is a skill to be acquired, a list of steps outlining the procedure is provided, followed by an example to illustrate how this procedure is carried out. Once learned, students will be able to solve similar problems and be well on their way to mastering the skills needed for future study. Intermediate Microeconomics presents a large amount of material in a concise way, without sacrificing rigor or clarity of exposition. Through use of this text, students will acquire both the analytical toolkit and theoretical foundation necessary in order to take upper-level field courses in economics, such as industrial organization, international trade, and public finance.

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 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.

Summarizing the facts about the prevailing sizes of industrial firms or plants and the patterns of industrial location in Britain and America, this text also interprets the facts in basic terms such as technical requirements and consumer habits. Examining investment and human resource management, the contrasts and (unexpected) similarities in the industrial structure and government of the two countries are analysed. The book includes new research into the real seat of power in the British joint stock company and compares the results with the realities of the American corporation.

"The Logic of Industrial Organization" discusses key themes in industrial relations, manufacturing, employment and investment and education for business administration. The book contains chapters on: the structure of industry; the efficiency of large-scale operation; planned and free consumption; forecasting and market research; competition; rationalization and nationalization; investment and employment; incentives to work and mobility; and stimulus to enterprise and administration.

Covering the period 1550-1939, this book examines the history and development of theories of international pricing and trade. The work of the following economists is covered: Locke; Barbon; Vaderlint; Harris; Hume; Smith; Ricardo; Malthus; Bosanquet; Mill; Torrens; Marshall; Haberler; Austin; Stirling; Chevalier; Carines; Jevons; Leslie; Goschen; Bagehot; Wicksell; Sidgwick; Pigou; Viner; Heckscher; Ohlin; Keynes; Taussig; and Pareto.

G.L.S. Shackle made numerous, pioneering contributions to the study of uncertainty in economic life. This volume studies the production process, where resources must be committed to specific technological purposes long in advance of the ultimate sale of goods to the consumer. The problems of such a system rest on the durability of the instruments it uses, whose huge expense can only be recouped if they can be used for many years. Yet at the time of investment, those years of use are in the future and uncertain. The firm is the essential institutional means of confronting this uncertainty. Expectation, Enterprise and Profit is concerned with the nature and mode of life of the firm as a means of policy formation in the face of uncertainty. Chapters include: The Nature and Matrix of Production, Investment and Expectation, Interdependent Decision-Making and Profit and Equilibrium.

The first part of the book is devoted to an historical survey of what has been written regarding Britain's policy problems since 1946: problems such as full employment, the sources and methods of controlling inflation and the measures to promote economic growth. At an international level, issues such as economic relations with Europe and the question of devaluation are considered. The subsequent part of the book considers how far economists' recommendations regarding policies have been derived from well-tested theories, or how far they have been based on speculation, guesswork or judgement.

'It provides the best complete discussion I know of the economics of repressed inflation' F.W. Paish. The Economics of Repressed Inflation is a micro-economic analysis of the effects of a partially controlled inflation in a peacetime economy. This analysis suggests that the combination of inflationary pressures and the control of consumption has economic effects on the price level and on the distribution of resources which may be as serious for the economy as the more widely recognized effects of an uncontrolled inflation.

Contents:
Chapter 1. Introduction. The Nature of Development Control. Forms of Control. Actors in the Process. The Themes of the Book. Chapter 2: The Origins of Development Control. Medieval Controls. The Development of Markets in Land and the Necessity of Landlord Control. The Extension of Public Controls. Leasehold Agreements and their Efforts. The Privatization of Public Control. The Administration of Control in the 17th and 18th Centuries. Chapter 3: The Failure of Leasehold Control and the Rise of Public Intervention. The Failure of the Leasehold System. Leasehold Reform. By-Law Control and the Extension of Public Control. The Weakness of By-Law Regulation. Chapter 4: Development Control in the Early Planning System. The 1909 Act: Control in the First Planning Schemes. Compensation and Betterment. The Maturing of the System in the 1920s. Circular 1305. Control Over Land-Use. The 1932 Act and Interim Development Control. Discretionary Power. Chapter 5: The 1947 Act: Universal Control of Development. The Purpose of Development Control in the 1947 act. The Nationalization of Development Rights. Compensation and Betterment. Development Control in the 1950s and 1960s. The Reform of the Development Plans System. The 1967 Management Study of Development Control. Chapter 6: The Call for Reforms: Development Control in the 1970s. Property Speculation 1970-73 and its Impact on Development Control. The Dobry Report. The 8th Report of the Expenditure Committee. Chapter 7: Development Control Under the Conservatives. Planning Control and Deregulation. Limiting Local Authority Power. Development Control in the Service of Economic Development. Local and National Policy: Plans v. Government Circulars. Planning Gain. Design Control. Development in the Green Belt. Chapter 8: Development Control in the 1990s: a Plan-Led System? The Planning and Compensation Acts and its Effects. Planning Obligations. The Role of Plans in Development Control. Chapter 9: Conclusion: The Future of Development Control. The Strengths and Weaknesses of British Development Control. Future Directions.

Written during the Second World War against the background of the economic and political futility of the 1930s, this book deals with the changing role of government, and particularly fiscal policy as an instrument for regulating the national income and its distribution. Arguing that the war had an economic basis - the inability of the great industrial nations to provide full employment at rising standards of real income - the book discusses how the failure to achieve a world order in the political sphere must be sought in the facts of economic frustration.

During a single month in the year 2000, the following seemingly unrelated events occurred across the world. In Kosovo, Serbs and Albanians continued to evict each other from their respective homes. In China, the regulation of internal migration by the central authorities was being reconsidered as Uygur Muslims protested the reigns on their mobility. In Austria, Jorg Haider of the Freedom Party came to power advocating the repatriation of immigrants from Eastern Europe. In the United States, Alan Greenspan, chairman of the Federal Reserve, testified before Congress that it may be necessary to loosen immigration regulations to enable foreign labour to satisfy the demands of the growing US economy. These events share a common denominator, namely the movement of populations. Whether voluntary or involuntary, induced or restricted, domestic or international, large-scale population movements are a feature of the world at the turn of the new millennium.
This title focuses on one aspect of migration, namely itsethnic competition. Rather than observe population movements in general, the study is limited to the movements of specific ethnic groups. It explores the role played by ethnicity in determining which groups move and which groups stay, and contributes to the dialogue on the resolution of inter-ethnic conflict by exploring several chains in the link between harmony and disharmony.

Privatization and Economic Efficiency assesses the economic content of many of the beliefs surrounding privatization. It develops a new and novel inter-disciplinary approach linking economic and organizational dimensions.A series of case studies examines the theory, evidence and policy experience of privatization in developed and developing nations. These studies focus on the UK, US, Egypt and Jamaica. The book concludes that privatization is an appealingly simple phrase concealing many difficulties and problems for analysts, researchers and policymakers.

This book is about accounting in an alternative libertarian socialist economic system. It explores what information and transactions we need to enable democratic and effective financial decisions by those affected by the decisions. Based on the economic model, participatory economics, the author proposes a set of accounting principles for an economy comprised of common ownership of productive resources, worker and consumer councils, and democratic planning, promoting the model's core values. The author tackles questions such as how accounting could be organised in an economy with no private equity owners or private lenders and creditors that is not based on greed and competition but instead on cooperation and solidarity. A large part of the book is focused on issues regarding investments; thus, he asks how and on what basis decisions are made about the allocation of an economy's production between consumption today and investments that enable more consumption in the future, and how investments are accounted for. He also considers how investments in capital assets and production facilities would be decided, financed, and valued if they are not owned by private capital owners and if allocation does not take place through markets but through a form of democratic planning. In answering these questions and more, the author demonstrates that alternative economic systems are indeed possible, and not merely lofty utopias that cannot be put into practice, and inspires further discussion about economic vision. By applying accounting to a new economic setting and offering both technical information and the author's bold vision, this book is a comprehensive and valuable supplementary text for courses touching on critical accounting theory. It will also appeal to readers interested in alternative kinds of economies.

This book contains a concise, simple, yet precise discussion of externalities, public goods and insurance. Rooted in the first fundamental theorem of welfare economics and in noncooperative equilibrium, it employs elementary calculus. The book presents established theory in novel ways, and offers the tools for the application of the social welfare criteria of efficiency and equity to environmental economics, networks, bargaining, political economy, and the pricing of public goods and public utilities.This innovative, user-friendly textbook will be of use over a broad range of disciplines. The applications found here include international global-warming issues (North vs. South model), and bargaining over externalities (Coase's theorem). This text also introduces the Wicksell-Lindahl model in its original form, which depicts the parliamentary negotiation between representative parties and provides an effective introduction to political economy. Later, these ideas are applied to the pricing of an excludable public good, revealing the theoretical connection between public utility pricing and the pricing of excludable public goods. The text integrates three forms of discourse: verbal, graphical, and formal. Elementary calculus is frequently used, allowing for clarity and precision; qualities that are often missing in conventional textbooks. The main text considers a finite number of consumers and appendices cover the continuum mathematical model, which is implicit in the references to the 'marginal consumer' found in traditional texts. The analysis found in Public Microeconomics is simple and operational, conducive to computationally easy examples and exercises. This textbook is ideally suited to graduate and upper-level undergraduate courses in economics, political science, policy and philosophy. Contents: Preface Foreword to Students 1. Introduction 2. Private Goods Without Externalities 3. Externalities 4. Public Goods 5. Public Utilities 6. Uncertainty and Asymmetrical Information Index

This research review, written by two pioneers of e-commerce, discusses thirty of the most important papers written in the fields of economics, marketing and strategy. Topics covered include evaluation of the benefit to consumers of competition and product variety online, examination of auctions and reputational feedback mechanisms designed to mitigate informational asymmetries in online markets, and the debate on digital property rights including privacy, piracy and the open source movement. The review provides a thoughtful and accessible consideration of the subject of e-commerce, invaluable to scholars and practitioners alike.

The convergence of telecommunications and broadcasting raises many questions. What form will convergence take in the future? When convergence produces new opportunities in the information, education and entertainment markets, what sort of rules of the game will be required? How will the players behave in these new markets? What policies might be needed?

Andreff and his contributors bring a strong dose of reality to the economic modelling of sports leagues. Disequilibrium Sports Economics provides an intellectually compelling opening and a theoretically necessary antidote to the study of sports economics.' - Andrew Zimbalist, Smith College, US'This is an interesting book worth reading for every sports economist because it introduces a thought provoking approach to the growing field of sports economics. The authors show how disequilibrium economics may improve our understanding of puzzling economic phenomena in sports. I congratulate the editor and the contributors for this new book and the novel perspectives provided therein!' - Helmut M. Dietl, University of Zurich, Switzerland 'I felt great intellectual excitement after getting acquainted with this volume. The high quality papers by Wladimir Andreff and his co-authors are more significant than the topic indicated modestly by the title; they may not only urge economists of sport to reconsider their earlier theories, but may also provide inspiration and a new momentum to the wide research program on disequilibrium and the soft budget constraint.' - Janos Kornai, Harvard University, US and Corvinus University of Budapest, Hungary 'This book sounds like a theoretical breakthrough towards a new approach in sports economics that generates important insights into the issue of financial fair play in football.' - Andrea Traverso, Head of Club Licensing and Financial Fair Play, UEFA 'This path-breaking volume contains novel analysis of problems of critical importance to sports clubs, leagues, fans and academics interested in sports.' - Robert Simmons, Lancaster University Management School, UK For decades, sports economics has been set within the framework of equilibrium economics, in particular when modelling team sport leagues. Based on a conviction that this does not reflect real life, this book addresses a gap in the literature and opens up a new research area by applying concepts drawn from disequilibrium economics. It is divided into two parts, the first of which focuses on economic disequilibrium in sports markets and competitive imbalance in sporting contests. The second part concentrates on soft budget constraints and their consequences for club governance and management. This pioneering book is the first to tackle non-mainstream economics in sport and offers a first approach to disequilibrium sports economics. Providing a new metric of competitive balance and opening up new avenues of future research, this is essential reading for economists and those researching sport across many disciplines. Contributors: W. Andreff, E. Franck, J.-P. Gayant, N. Le Pape, R.D. Macdonald, K. Nielsen, R.K. Storm, G.N. Tuck, D. van Reeth, A.R. Whitten

Economics – macro, micro and mysterious – is integral to everyday life. But despite its importance for personal and collective decision making, it is a discipline often viewed as technical, arcane and inaccessible and thus overlooked in public discourse. This book is a call to arms to bring the discipline of economics more into the public domain. It calls on economists to think about how to make their knowledge of the economics public. And it calls on those who specialise in communicating expert knowledge to help us learn to communicate about economics. The book brings together scholars and practitioners working at the early stages of an emerging field: the public communication of, and public engagement with, economics. Through a series of short essays from academics and practitioners, the book has two key goals: first and foremost, it will make a case for why we need to make economics public and for the importance of having a clear vision of what it means to make economics public. Secondly, it suggests some ways that this can be done featuring contributions from practitioners, including economists, who are engaging audiences in newspapers, museums and beyond. This book is essential reading for those in economics with an interest in making economics public and those already in the many fields dedicated to communicating expert knowledge in public spaces who have an interest in where economics can fit.