This book explores novel research perspectives at the intersection of environmental/natural resource economics and productivity analysis, emphasizing the link between productivity and efficiency measurement, and environmental impacts. The purpose of the book is to present new approaches and methods for measuring environmentally adjusted productivity and efficiency, and for incorporating natural resources in standard national accounting practices. These methods are applicable in many contexts, including air and water pollution, climate change, green accounting, and environmental regulation. The contributions, written by distinguished leaders in the field, provide an up-to-date assessment of the state of the art in environmentally adjusted productivity and efficiency analysis. A review of the rapidly expanding literature is included and complemented by international case studies. The book's forward-looking ideas and new theories and methods trace future directions in this exciting and topical research area. This is an essential tool for researchers and scholars, including postgraduate students, working in the area of international and environmental accounting, and productivity and efficiency analysis. The book will also have a broad appeal for various professionals including statisticians, national accountants and policymakers. Contributors include: M. Akter, T. Ancev, M.A.S. Azad, A. Bellver-Domingo, H.K. Edmonds, M. Eigenraam, R.G. Fare, K.J. Fox, S. Grosskopf, A. Hailu, F. Hernandez-Sancho, V.-N. Hoang, N. Hughes, W. Ingram, H. Jahan, B. Lamizana-Diallo, K. Lawson, L.Y.T. Lee, C.A.K. Lovell, J.E. Lovell, C. Ma, C. Obst, C.A. Pasurka, Jr., C. Wilson

From Google's chief economist, Varian's best-selling intermediate microeconomics texts are revered as some of the best in the field. And now students can work problems online with Smartwork5, Norton's online homework system, packaged at no additional charge with the Media Update Editions. In addition to online homework, the texts now include four-colour graphs and new interactive animations.

This EMEA adaptation of Thomas Nechyba's popular text presents a European, Middle East and African perspective, whilst also being fully updated. This exciting new edition follows Professor Nechyba's five primary goals for any microeconomics course by presenting the subject as a way of looking at the world, showing students how and why the world works, how to think more clearly and develop conceptual thinking skills, and by providing a flexible learning style and a roadmap for further study. Each chapter follows the A and B structure developed by Professor Nechyba, allowing students to explore an intuitive approach in Part A and then focus on how the intuitive approach can be represented mathematically in Part B. This edition is also available as a MindTap with additional assessments, a Graph Builder and video graph presentations. It is also available with Aplia, a comprehensive online learning assessment tool with autograded randomised questions to test students' understanding.

Microeconomics, Growth and Political Economy is the first of two volumes which collect together many of Professor Lipsey's writings on economics, some of which are previously unpublished or currently inaccessible. This book contains papers on economic growth and technical change, monetary and value theory, the theory of second best, international trade theory, political economy and methodology. A separate book, On the Foundations of Monopolistic Competition and Economic Geography, contains works on oligopoly and location theory, all coauthored with Curtis Eaton. The book begins with a new autobiographical introduction to the intellectual development, personal achievements and the fields of interest of Richard G. Lipsey and is divided into five parts. The first part considers various aspects of economic growth and technical change taking into account the structuralist view, markets and the globalization of the economy. Part two is concerned with the microeconomic issues of second-best theory and monetary and value theory. The third part looks at trade theory and surveys customs unions and competitiveness. Political economy is considered in the fourth part, which contains essays on topics such as the balance of payments, the survival of the market economy, international liquidity theory and American trade policy. The final part features papers on methodology. Microeconomics, Growth and Political Economy is an essential reference companion to the work of Richard G. Lipsey, one of the most important economists of our generation.

As carbon dioxide is the most important source of greenhouse gases today, its emission quantity has become a primary focus of governments, scholars, and the general public. From the perspective of the structure of Chinese industry, this book aims to answer two questions. First, what is the driving force of China's CO2 emissions and how does this relate to the structure of industry? Second, what is the potential for abatement and the cost of CO2 across sectors and regions, and the impact for industry? The author calculates the CO2 inventory data at province and sectoral level based on the approach of the Intergovernmental Panel on Climate Change (IPCC) and then quantifies the CO2 abatement potential and marginal abatement cost using this production framework. Econometric models are used to examine the likely impact on industry of abatement potential and cost. The book hence provides a rich source of information for general readers to better understand the characteristics, patterns and drivers of China's CO2 emissions. It also provides solid evidence for policy-makers to help mitigate CO2 emissions through industrial restructuring strategy.

When it comes to explaining fundamental economic principles by drawing on current economic issues and events, there is no one more effective than Nobel laureate and New York Times columnist Paul Krugman and co-author, Robin Wells. In this best-selling introductory textbook, Krugman and Wells' signature storytelling style and uncanny eye for revealing examples will help students understand how economic concepts play out in our world. The new edition has been revised and enhanced throughout, including incisive new looks at long-run growth and at market power, and extensive coverage of the economic impacts and policy responses to the coronavirus pandemic. Microeconomics is supported by Achieve, which includes: Animated pre-lecture tutorials and bridge questions will help students to understand core economic topics before going to class Access to an eBook for easy reading and searching LearningCurve adaptive quizzing offers practice questions to check understanding and provide feedback Step-by-Step graphs and Work It Out activities allow students to work step-by-step through scenarios so that they can see economic principles in action

Covering Robert Clower's writings over four decades, this collection brings together important papers that have not been reprinted in any other similar volume and recent material on economic method and theoretical foundations. Issues discussed include the doctrine and methodology of economics, price determination, oligopoly theory and Keynesian economics, as well as some of Professor Clower's substantial reviews of the work of other scholars. Above all, they offer an instructive 'history' of one scholar's attempt to enhance scientific understanding of observed economic phenomena during the last half century. The volume concludes with a complete listing of Professor Clower's publications.

In interaction with their environment, firms change constantly; in trying to reduce uncertainties, they influence both their markets and the wider socio-political environment. Dynamics of the Firm addresses theoretical, empirical and policy issues concerned with the changing structure of firms. This book seeks to develop a theory of the dynamics of the firm which contrasts with the neoclassical view of the firm as a static production function in a world of given technology and institutions. Papers discussing new institutional theories of the firm in relation to sociological approaches, in which power and trust play an important role, are followed by contributions which focus on empirical issues such as pricing strategies, industrial groups and networking. The public policy implications are discussed extensively. Offering an original analysis of the organizational structures of firms operating in changing environments, this volume of essays by a distinguished group of economists will be welcomed by students, teachers and researchers in the areas of industrial organization and organizational economics.

From the acclaimed authors of Capitalism without Capital, radical ideas for restoring prosperity in today's intangible economy The past two decades have witnessed sluggish economic growth, mounting inequality, dysfunctional competition, and a host of other ills that have left people wondering what has happened to the future they were promised. Restarting the Future reveals how these problems arise from a failure to develop the institutions demanded by an economy now reliant on intangible capital such as ideas, relationships, brands, and knowledge. In this groundbreaking and provocative book, Jonathan Haskel and Stian Westlake argue that the great economic disappointment of the century is the result of an incomplete transition from an economy based on physical capital, and show how the vital institutions that underpin our economy remain geared to an outmoded way of doing business. The growth of intangible investment has slowed significantly in recent years, making the world poorer, less fair, and more vulnerable to existential threats. Haskel and Westlake present exciting new ideas to help us catch up with the intangible revolution, offering a road map for how to finance businesses, improve our cities, fund more science and research, reform monetary policy, and reshape intellectual property rules for the better. Drawing on Haskel and Westlake's experience at the forefront of finance and economic policymaking, Restarting the Future sets out a host of radical but practical solutions that can lead us into the future.

Traditional aggregate theories of the business cycle, Keynesian or the neoclassical, have not succeeded in explaining the severe down turns in the United States and other advanced economies. New Perspectives on Business Cycles proposes a theory that economic inequality and heterogeneity in a market economy may be an important influence on business cycles. The author, Satya Das, provides for the first time a systematic assessment of possible links between business cycles and changes in the distribution of income and wealth.Arguing that changes in the distribution of wealth and income in a private market economy can generate variations in the aggregate output, Professor Das uses a series of models to relate economic inequalities across households to fluctuations in the economy. In particular, he argues that severe inequities in wealth and income distribution can lead to fluctuations in a macroeconomy, with important implications for the financial markets. Empirical evidence from the post-war US economy is presented in support of this theory.

Societal grand challenges have taken a toll on humanity, which finds itself at a crossroads. The concentration of wealth and economic inequality, the dominance of Big Tech firms, the loss of privacy and free choice, and the overconsumption and abuse of natural resources have been reinforced by globalization. Regulation, legislation, international treaties, and government and corporate policies have fallen short of offering sufficient remedies. This book identifies the root cause of these problems and offers a bold solution: a new economic system, free from the design flaws that have contributed to these societal grand challenges. The proposed cooperative economy is an ethical community-driven exchange system that relies on collective action to promote societal values while accounting for resource constraints. Unlike the modern economic system that is predominantly driven by opportunistic behavior, the cooperative economy moves away from a materialistic orientation and follows a more balanced perspective that leverages prosocial behavior. The book explains how this new system adopts design principles that promote self-sufficiency of communities, sustainability and entrepreneurship while limiting overconsumption and excessive profit-making. It enhances economic equality by leveraging price subsidization and by restricting salary differences. The book describes how the system serves the interests of consumers, vendors, and employees while preventing the accumulation of power by the platform owner who operates this system. This book is invaluable reading for policymakers who have been searching for solutions to some of the grand challenges that our society faces, and to managers who have sought alternative ways to cope with platform ecosystems, resource shortages, and supply chain disruptions. It revisits long-held assumptions, offering a treatise and food for thought, as well as a plan for concrete action. The book is also highly relevant to scholars and students in the study of economics, strategy, innovation, and public policy and to all readers who are concerned about the future of our planet and society.

* 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

How Markets Work presents a new and refreshing introduction to elementary economics. The venerable theory of supply and demand is reconstituted upon plausible and defensible assumptions concerning human nature, the law, and the facts of everyday life - in short - the 'Real World'. The message is that markets differ in ways that matter. Starting with a brief survey of property and contract law, the lectures develop several 'ideal types' of markets - such as credit, assets, and labor - while illuminating the similarities and differences among them. Care has been taken to ensure that the reformulations presented are accessible to students and compatible with a variety of non-mainstream traditions in economic thought.Topics covered include the theory of markets, labor markets, market processes when influenced by the availability of information, and social, ethical and political considerations. Also discussed are commodity, credit and asset markets, contracts, dynamics of labor markets, and the economics of discrimination. This book is intended as an essential supplemental text for undergraduate economics students, particularly in heterodox programs, as well as for those in companion liberal arts and sociology fields looking for an accessible introduction to essential economic theory.

First published in 1991, during a significant stagnation in the Israeli economy, this title discusses the causes of the economic downturn, and assesses the country's prospects. Throughout, Aharoni measures the economic problems Israel has endured against the social and economic successes it has been able to achieve. He highlights the incongruities of the aspirations of Israel's founders and supporters and the reality, as well as the interplay of economic and political forces that have shaped this. With a detailed introduction to the ideology and development of the state of Israel, and a history of the Israeli economy and its institutional structure, this title will be of significant value to any student studying the economic history of Israel and the Middle East.

Based on the assumption that without understanding institutions, economists cannot make satisfactory policy prescriptions, this book draws some insightful conclusions on the strengths and limitations of applied economics in the field of heritage. Sicily provides an interesting and unique backdrop against which the study is set, demonstrating the economic complexities of heritage and the range of economic tools and concepts which can be employed to analyse it. The book is a compilation of various approaches that economists trained in different branches of economics have brought to bear on heritage. It considers the political economy of heritage policy from a variety of different perspectives. These include a study of the economic problems of defining and valuing culture and, through detailed case studies in the economics of regulation, an examination of the incentives and principal-agent problems in the management of heritage policy. The authors move on to discuss the public choice view of fiscal federalism and look at the problems of assessing the efficiency of policy measures. Finally, they provide an interesting overview of the national experiences of France, Scotland and Italy in terms of heritage policy. Taking a new institutional approach, this book is as much a concise manual of applied economics as a contribution to cultural economics. It stresses the need for an interdisciplinary approach to the study of heritage and offers a unique opportunity to understand law-making and administrative procedures in the civil code tradition. It will be essential reading for students, researchers and academics of cultural economics, as well as policymakers wanting to assess the value and efficiency of heritage policies.

This volume presents a compilation of key papers chronicling the evolution of the economics of information into the economics of knowledge. It traces the unfolding of the fertile ambiguity and ambivalence of the notion of information with the identification and eventual separation of its two basic, quite distinct meanings: knowledge and signals. It documents the progressive understanding that it is not only necessary to search, screen and understand signals, but also to assess and select them so as to distinguish between true, false and fake ones. The capability to process signals and transform them into actual information stems from the stock of competence and knowledge that individuals and organizations possess and mobilize. The success of information economics paves the way to the economics of knowledge and this review will be an indispensable research tool for all those working and studying in the field.

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.

Fair trade is a growing global movement. A huge and widening range of fair trade goods are now available in the shops. Why is fair trade so important? This book provides 50 reasons why buying fair trade delivers a host of benefits to people and the planet. It's an inspiring account of how every consumer can play a part in improving and even saving lives and making global trade work better for poor people. Did you know that buying fair trade: -- Helps eradicate sweatshops -- Helps end child labour -- Reduces the debt burden on developing countries' farmers -- Ensures small-scale farmers can earn a living wage -- Supports and protects the environment? This book provides a critical guide to international trade and shows that fair trade presents a realistic and positive alternative for farmers and producers in developing countries. By improving schools, healthcare and working conditions, the fair trade movement has already saved lives and empowered whole communities. This book shows how every consumer can help make a difference in the fight to end poverty and inequality.

A growing literature in economics has studied how fairness considerations shape human behavior. This review analyses the key theoretical and empirical contributions spanning the last four decades, along with influential related work in normative economics. It argues that the fairness motive is essential for understanding human behavior in a wide range of settings, such as markets, bargaining, and redistributive situations. It moves on to a discussion of the large heterogeneity in what people view as fair and the importance people attach to fairness, displaying how a concern for fairness develops in childhood and manifests itself in the brain. This research review will be a valuable tool for those interested in the fascinating field of the economics of fairness.

The second edition of Behavioral Economics: The Basics summarizes behavioral economics, which uses insights from the social sciences, especially psychology, to explain real-world economic behavior. Behavioral economic insights are routinely used not only to understand the choices people make but also to influence them, whether the aim is to enable citizens to lead healthier and wealthier lives, or to turn browsers into buyers. Revised and updated throughout with fresh current-event examples, Behavioral Economics: The Basics provides a rigorous yet accessible overview of the field that attempts to uncover the psychological processes which mediate all the economic judgements and decisions we make. The book showcases how behavioral economics is rooted in some now-old (philosophical, political, and moral) ideas surrounding economics, and in an important sense is a modern expression of some long-standing criticisms of mainstream economics. It contrasts the neoclassical economic perspective (ECON) with a more realistic perspective (HUMAN – the flesh-and-blood economic agent who is not perfect in all respects but who manages to do the best under limitations and constraints). This is a comprehensive overview of the whole field, covering all the main areas, presented in a rigorous yet accessible form. It should especially appeal to students, those with an interest in applying behavioral economic knowledge in their professional life, and anyone who wants to know how they are being influenced every day of their lives by (usually unseen) behavioral insights.

Industrial organization studies how markets allocate resources, specifically when there are few agents or when there are frictions that render the price-taking paradigm unsuitable. Game theory explores situations in which agents interact strategically and provides a useful foundation for studying many traditional industrial organization topics. The first volume of this wide-ranging Handbook contains original contributions by world-class specialists. It provides up-to-date surveys of the main tools of game theory that are used to model industrial organization topics. The Handbook covers numerous subjects in detail including, among others, the tools of lattice programming, supermodular and aggregative games, monopolistic competition, horizontal and vertically differentiated good models, dynamic and Stackelberg games, entry games, evolutionary games with adaptive players, asymmetric information, moral hazard, and learning and information sharing models. Technical yet accessible, this comprehensive resource will be required reading for both established researchers as well as graduate or advanced undergraduate students in industrial economics and game theory. Contributors incude: R. Amir, A. Attar, G.I. Bischi, F. Bloch, L. Corchon, S. Currarini, C. d'Aspremont, F. Feri, J. Gabszewicz, M. Jensen, L. Julien, F. Lamantia, I. Macho-Stadler, M. Marini, E. Maskin, D. Perez-Castrillo, C. Pimienta, D. Radi, R.A. Ritz, K. Ritzberger, O. Tarola, J. Thisse, A. Urbano, P. Ushchev, X. Vives, J. Zhao

Clemens Schutte analyses the emergence of corporate control structures in the Czech privatization process. The book depicts the basic features of the Czech system of corporate control and the direction of its transformation. This is an extremely relevant subject since the Czech privatization process is a model case in several respects: it is institutionally open and hence allows for spontaneous development; and privatization has been carried out comprehensively and rapidly. Based upon a theoretical analysis of the institutional cornerstones of corporate control, the book develops clear recommendations which are subsequently used as a benchmark to assess the performance of the evolving Czech system of corporate control.The book discusses the role of the most important players in corporate control including the big bank-centred financial groups, capital markets, the board model of Czech corporations and the institutional base of debt control and minority shareholder protection. It also reveals the conflict of political intentions and real-time developments. As an important and timely contribution, this book will be invaluable reading for all those involved, or interested, in the privatization and corporate control of other Central and Eastern European countries. Those working in financial and political institutions will also find this book valuable.

Societal grand challenges have taken a toll on humanity, which finds itself at a crossroads. The concentration of wealth and economic inequality, the dominance of Big Tech firms, the loss of privacy and free choice, and the overconsumption and abuse of natural resources have been reinforced by globalization. Regulation, legislation, international treaties, and government and corporate policies have fallen short of offering sufficient remedies. This book identifies the root cause of these problems and offers a bold solution: a new economic system, free from the design flaws that have contributed to these societal grand challenges. The proposed cooperative economy is an ethical community-driven exchange system that relies on collective action to promote societal values while accounting for resource constraints. Unlike the modern economic system that is predominantly driven by opportunistic behavior, the cooperative economy moves away from a materialistic orientation and follows a more balanced perspective that leverages prosocial behavior. The book explains how this new system adopts design principles that promote self-sufficiency of communities, sustainability and entrepreneurship while limiting overconsumption and excessive profit-making. It enhances economic equality by leveraging price subsidization and by restricting salary differences. The book describes how the system serves the interests of consumers, vendors, and employees while preventing the accumulation of power by the platform owner who operates this system. This book is invaluable reading for policymakers who have been searching for solutions to some of the grand challenges that our society faces, and to managers who have sought alternative ways to cope with platform ecosystems, resource shortages, and supply chain disruptions. It revisits long-held assumptions, offering a treatise and food for thought, as well as a plan for concrete action. The book is also highly relevant to scholars and students in the study of economics, strategy, innovation, and public policy and to all readers who are concerned about the future of our planet and society.

This work on microeconomics offers interpretations of both its strengths and its weaknesses. It shows how the general equilibrium ideas of Walras and Marshall were gradually transformed after 1930 into formalized accounts of imaginary economies where trading never occurs.

The Decline and Fall of Neoliberalism argues that the neoliberal era – starting after the collapse of the Bretton Woods system – is coming to an end. In the wake of the financial and economic crisis of 2008 and the outbreak of the pandemic in 2019, the doctrine outlined by monetarists appears to offer an inadequate response to the economic instability that characterises our contemporary world. To deal with the fallout of these crises, central banks have stepped in as major regulators of the economic system through massive interventions to support both financial markets and public spending, marking a clean break with the traditional conception of their role as depoliticised actors. Is the resurgence of inflation a consequence of this reckless strategy over which they seem to have lost control? Or is it rather rooted in an outdated understanding of money and monetary policy? One thing is certain: a profound change in policy is emerging. The growing turmoil in the global economy and the environmental challenges that face us demand an urgent and comprehensive rethinking of the economic role of the state. This book further develops the analysis presented in Populism and Neoliberalism and takes a closer look at the nature of neoliberalism as a political doctrine. Through this detailed description, it identifies the difficulties within economic thought that prevent it from responding appropriately to contemporary challenges. Drawing from the lessons of history, it proposes a renewed relationship between the state and the market that strikes a balance between planning and self-regulation. A post-neoliberal world is about to dawn, but its shape can still be determined by the path we choose to follow.