This book focuses on the construction of the economic policies of the Economic and Monetary Union (EMU) and its institutions. It reviews the faltering economic performance of the EMU countries before and after the onset of the financial crisis. It exposes the shortcomings and design faults of the EMU project on fiscal and monetary policies under the Stability and Growth Pact (SGP) and now the 'fiscal compact'. It critically examines the labour market agenda of the EMU and argues for avoidance of the neo-liberal employment policies being advocated. It proposes an alternative policy agenda for a sustainable currency union, and asks whether a currency union can be sustained without de facto political union.

Health care arguably is the single most regulated industry in industrial countries, and possibly in newly industrialized and developing countries as well. But what exactly is being regulated, what are the instruments used, and what are the effects and side-effects of such regulation? Regulation of Health: Case Studies of Sweden and Switzerland seeks to resolve problems in answering these key questions regarding the health care sector in two countries - Sweden and Switzerland. The volume contains a series of studies that compare the regulation of health and health care in these two apparently very similar countries, in considerable detail. The contributing teams acquired a great deal of knowledge about health regulation in both countries; they also derived comparative predictions when regulation differs, using actual observations to check whether these predictions are borne out. These comparisons are based on the conditions prevailing in the mid-nineties.

This monograph studies multi-member households or, more generally, socio-economic groups from a purely theoretical perspective and within a general equilibrium framework, in contrast to a sizeable empirical literature. The approach is based on the belief that households, their composition, decisions and behavior within a competitive market economy deserve thorough examination. The authors set out to link the formation, composition, decision-making, and stability of households. They develop general equilibrium models of pure exchange economies in which households can have several, typically heterogeneous members and act as collective decision-making units on the one hand and as competitive market participants on the other hand. Moreover, the more advanced models combine traditional exchange (markets for commodities) and matching (markets for people or partners) and develop implications for welfare, social structures, and economic policy. In the field of family economics, Hans Haller and Hans Gersbach have pioneered a 'market' approach that applies the tools of general equilibrium theory to the analysis of household behavior. This very interesting book presents an overview of their methods and results. This is an inspiring work. Pierre-Andre Chiappori, Columbia University, USA The sophisticated, insightful and challenging analysis presented in this book extends the theory of the multi-person household along an important but relatively neglected dimension, that of general equilibrium theory. It also challenges GE theorists themselves to follow Paul Samuelson in taking seriously the real attributes of that fundamental building block, the household, as a social group whose decisions may not satisfy the standard axioms of individual choice. This synthesis and extension of their earlier work by Gersbach and Haller will prove to be a seminal contribution in its field. Ray Rees, LMU Munich, Germany

The authors of this volumescrutinize the Russian business sector with attention to firm organization, business integration, corporate governance, and company management. Using a unique dataset of Russian joint-stock companies obtained from a large-scale enterprise survey conducted throughout the country, the authors empirically examine key issues for understanding the Russian corporate sector: ownership and the internal control system; the impact of business integration upon corporate governance and performance of affiliate business groups; and the role of external agents including commercial banks, business associations, and the state in corporate governance and management in non-financial enterprises.

* Presents many of the microeconomic and macroeconomic theories and schools of thought not generally covered in mainstream principles of economics textbooks * Each chapter starts with a short "refresher" of standard neoclassical economic modelling before demonstrating how that model is distorted by people, problems and events in the real world to provide students with a more realistic picture of how the economy works * Updates throughout and new material on populism, racism, inequality, climate change and the covid-19 pandemic * Now has online supplements: quiz questions for students and PowerPoint slides for instructors

Regulations to promote health and safety may be costly relative to the expected health and safety benefits, and may actually have negative effects on health and safety. These negative effects, or costs, may be due to reduced private spending on health and safety, moral hazard, or the creation of new risks. This volume considers the use of costs--benefit analysis, risk--risk analysis, and health--health analysis to determine the mortality cost associated with regulatory expenditures.

This book contains a systematic analysis of allocation rules related to cost and surplus sharing problems. Broadly speaking, it examines various types of rules for allocating a common monetary value (cost) between individual members of a group (or network) when the characteristics of the problem are somehow objectively given. Without being an advanced text it o?ers a comprehensive mathematical analysis of a series of well-known allocation rules. The aim is to provide an overview and synthesis of current kno- edge concerning cost and surplus sharing methods. The text is accompanied by a description of several practical cases and numerous examples designed to make the theoretical results easily comprehensible for both students and practitioners alike. The book is based on a series of lectures given at the University of Copenhagen and Copenhagen Business School for graduate students joining the math/econ program. I am indebted to numerous colleagues, conference participants and s- dents who during the years have shaped my approach and interests through collaboration, commentsandquestionsthatweregreatlyinspiring.Inparti- lar, I would like to thank Hans Keiding, Maurice Koster, Tobias Markeprand, Juan D. Moreno-Ternero, Herv e Moulin, Bezalel Peleg, Lars Thorlund- Petersen, Jorgen Tind, Mich Tvede and Lars Peter Osterdal."

Offering a critical reappraisal of the causes of the 1997 Asian crisis and of its impact on the strategies of firms, this book is essential reading for anyone who wants to understand how firms have responded to the changes brought about by the crisis, and what the major structural developments have been in the Asian economies since the late 1990s. Through the use of up-to-date statistical data and theoretical tools the contributors convey the excitement that pervades recent developments in Asia.

Decisions, Games and Markets is designed to stimulate new developments in decision theory, game theory and general equilibrium theory, as well as in their applications to economics. The book is divided into three parts - Decision Theory, Game Theory, and the Theory of Markets. Though its orientation is primarily methodological, some articles are more applied. The consistent use of formal analysis and methodological individualism constitutes the unifying theme of the book. Decisions, Games and Markets will be of considerable interest to both students and teachers of microeconomics and game and decision theory.

Preface - List of Contributors - Abbreviations and Acronyms - Acknowledgements - Scientific Programme Committee - Addresses at the Inaugural Session: Gerardo Ortega, President of the General Council of the Colleges of Economists of Spain, Victor L.Urquidi, President of the International Economic Association, 1980-83, Felipe Gonzalez, President of the Government of Spain - PART 1 INTRODUCTION; V.L.Urquidi - PART 2 PAPERS PRESENTED AT THE PLENARY SESSION; O.Bogomolov, F.Herrera, J.Lesourne, J.P.Lewis, H.M.A.Onitiri, L.A.Rojo & A.Sen - PART 3 COMMENT ON THE PAPERS OF THE PLENARY SESSION; J.Pajestka & L.B.M.Mennes - PART 4 GENERAL CONCLUSIONS OF THE CONGRESS - Addresses at the Closing Session: Abdon Fernandez Cabrero, Dean of the Colegio de Economistas, Madrid, Kenneth J.Arrow, President of the International Economic Association, 1983-86, Victor L.Urquidi, President of the International Economic Association, 1980-83, H.M. The King of Spain, Don Juan Carlos - Index

Today, industrial organization can hardly be imagined without long-term supply relationships. Firms use this specific type of alliance to acquire or develop (complementary) competencies. These are necessary to be able to survive and be successful in an increasingly dynamic environment. Rather than studying particular features in isolation, this book analyzes the overall, underlying causal structure of long-term supply relationships. De Jong and Nooteboom develop an encompassing theoretical model that brings together important firm- and relation-specific characteristics such as trust, commitment, dependence, uncertainty, dedicated investments, and the exchange of information. The relationships between these main characteristics build the overall, underlying causal structure and determine the nature of long-term supply relationships. The model is based on an extended theory of transactions that includes trust next to opportunism and the development of competencies. The model is tested in the automobile industries of the United States, Japan and Europe. The empirical evidence indicates that there are strong similarities between the three regions in the underlying causal structure. There are differences but these differences seem small, particularly relative to the expectations one may have on the basis of perceived views of systemic differences between Japanese' and Western' contracting. Thus, if indeed there were large differences between the Triad's regions, there now appears to be considerable convergence towards a common underlying logic' of long-term supply relationships. The Causal Structure of Long-Term Supply Relationships is a primary source for scholars and students who want tolearn about industrial organizations in an international perspective. It reviews the main theories, defines many concepts, offers an overview of literature on alliances, and provides insights into the statistical techniques of LISREL. Little background knowledge is required, since concepts are developed as the book progresses.

The post-war emergence of West Germany as the dominant economic power in Europe gave rise to the mythology of the 'economic miracle' and the model policies of the 'social market economy'. This study reveals a mundane reality of class politics in which democratic institutions have become increasingly marginalised by big capital and by an unelected central bank. Economic policy has failed to halt the recent slide into mass unemployment and has reverted optimistically to the plan-less export drives of the fifties. The absence of the earlier advantages, the author claims, bodes ill for the future of 'model Germany'.

The quick recovery of Asian economies from the recent global recession can be partly attributed tothe effect of positive aggregate-demand externalitiesin their self-employment sectors, which are overwhelmingly large in these economies. This book undertakes a behavioural analysis of self-employing producers to lay a microeconomic foundation for this effect, particularly in cases where markets are not perfectly competitive, as is the case during aggregate economic contractions. Where some marketsare not perfectly competitive, the market prices and rates fail to be relevant and internal prices and rates are instead formed toaid theorganization of family firm and consumption choice. The effects of these externalitiesare explored in this volume; the authors undertake a detailed analysis of records of labour force surveys, national incomes and product accounts of selected economies.

Value added reporting provides a better measure of the wealth produced by a firm than other methods, says Riahi-Belkaoui in this research-based analysis. It is more useful generally to investors and other users of accounting information, and to policy makers throughout the financial services and related industries. Empirical studies of its uses in Europe support the author's contention and provide a compelling argument for its use in the United States. An important book for professionals and academics alike.

This text provides a comprehensive coverage of the core principles of business and management economics. It considers strategic implications of economic theories and principles on business decisions and organisations.

This book analyzes the following four distinct, although not dissimilar, areas of social choice theory and welfare economics: nonstrategic choice, Harsanyi's aggregation theorems, distributional ethics and strategic choice. While for aggregation of individual ranking of social states, whether the persons behave strategically or non-strategically, the decision making takes place under complete certainty; in the Harsanyi framework uncertainty has a significant role in the decision making process. Another ingenious characteristic of the book is the discussion of ethical approaches to evaluation of inequality arising from unequal distributions of achievements in the different dimensions of human well-being. Given its wide coverage, combined with newly added materials, end-chapter problems and bibliographical notes, the book will be helpful material for students and researchers interested in this frontline area research. Its lucid exposition, along with non-technical and graphical illustration of the concepts, use of numerical examples, makes the book a useful text.

Personal consumption accounts for two thirds of GDP, yet recent economic events have emphasised our limited ability to translate consumption patterns into policy. Steven Silver analyses this understudied area, exploring the network memberships that emerge from our everyday lives, and the consumption patterns these create.

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.

In a rapidly shrinking world, governments everywhere find themselves increasingly obliged to deal with international economic issues. When dealing with such issues, their processes of decisionmaking prove strikingly different from those employed in the handling of political or strategic problems. This unique volume by Raymond Vernon, Debora L. Spar, and Glenn Tobin provides a close-up view of the decisionmaking process within the U.S. establishment as it has wrestled with a series of greatly publicized economic issues in recent years. The book synthesizes a literature that has been accumulating over three decades, deriving from this literature a model of the processes of decisionmaking in the field of U.S. foreign economic policy. Five detailed case studies are presented, each covering a major economic plan or agreement that raised significant controversy.

Since the process by which economic decisions are reached involves institutions and characteristics quite different from those encountered in political decisionmaking, Iron Triangles and Revolving Doors emphasizes the persistent regularities to be found in the United States when it comes to economic decisionmaking. The opening chapter offers a model of the characteristics of the foreign economic policymaking process. The next five chapters examine the U.S.-Canada Free Trade Agreement; the battle over the codevelopment of the FSX fighter plane with Japan; the problem of international debt and the creation of the Brady plan; and U.S. trade policy and security export controls in light of the Toshiba-Kongsberg affair. Each of these cases is linked to the overall model of U.S. economic policy presented by the authors. This volume will be an excellent text for university or graduate courses in foreign economic policy, U.S. foreign policy, and international political economy. It will also be of interest to political scientists, economists, government officials, policy analysts, and others looking for insights into economic decisionmaking.

Empower your students to solve today's important business problems with the basic tools of economics and without overwhelming calculus. Ideal for MBA courses, Brickley focus on data-driven decision-making and managerial applications within the structure of an organization. Using multidisciplinary examples, students leverage the underlying economic framework to analyze a variety of problems managers face today. It also provides an in-depth analysis of the firm and corporate governance topics. Brickley paired with Connect Economics provides assignable,auto-gradable versions of test bank content. Assignable content is fully integrated with the eBook. Students are also able to search, highlight, and take notes within the ReadAnywhere eBook and complete adaptive reading assignments offline. Connect provides instructors with powerful reporting tools allowing them to plan, track, and analyze student performance across learning outcomes.

Most economic evaluations of health care programmes at the moment are cost effectiveness and cost-utility analyses. The problem with these methods is that their theoretical foundations are unclear. This has led to confusion about how to define the costs and health effects and how to interpret the results of these studies. In the environmental and traffic safety fields it is instead common to carry out traditional cost-bene: fit analyses of health improving programmes. This striking difference in how health programmes are assessed in different fields was the original motivation for writing this book. The aim of the book is to tty and provide a coherent framework within cost-bene: fit analysis and welfare economics for the different methods of economic evaluation in the health care field. The book is written in an easily accessible manner and several examples of applications of the different methods are provided. It is my hope that it will be useful both for teaching purposes and as a guide for practitioners in the field. Glenn C. Blomquist, John D. Graham, Rich O'Conor and four anonymous referees provided helpful comments on previous versions of the manuscript. I would also like to express my gratitude to the following persons for helping me to prepare the manuscript: Carl-Magnus Berglund, Carin Blanksvard, Ann Brown, and Ziad Obeid."

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).

Providing the poor with access to financial services is one of many ways to help increase their incomes and productivity. In many countries, however, traditional financial institutions have failed to provide this service. Microcredit and co-operative programmes have been developed to fill this gap. Their purpose is to help the poor become self-employed and thus escape poverty. Many of these programmes provide credit using social mechanisms, such as group-based lending, to reach the poor and other clients, including women, who lack access to formal financial institutions. With increasing assistance from the World Bank and other donors, microfinance is emerging as an instrument for reducing poverty and improving the poor's access to financial services in low-income countries. This book examines the experiences of the Grameen Bank and two other major microcredit programs in Bangladesh in order to quantify the potential and limitations of microcredit programmes as an instrument for reducing poverty and delivering financial sevices to the poor.