Measuring Economic Growth and Productivity: Foundations, KLEMS Production Models, and Extensions presents new insights into the causes, mechanisms and results of growth in national and regional accounts. It demonstrates the versatility and usefulness of the KLEMS databases, which generate internationally comparable industry-level data on outputs, inputs and productivity. By rethinking economic development beyond existing measurements, the book's contributors align the measurement of growth and productivity to contemporary global challenges, addressing the need for measurements as well as the Gross Domestic Product. All contributors in this foundational volume are recognized experts in their fields, all inspired by the path-breaking research of Dale W. Jorgenson.

Since 1945, the liberal-democratic model of capitalism spread across the globe, ultimately prevailing over communism. Over the past two decades, a new statist-authoritarian model has begun diffusing across East Asia. Rather than rejecting capitalism, authoritarian leaders harness it to uphold their rule. Based on extensive research of East Asia's largest corporations and sovereign wealth funds, this book argues that the most aggressive version of this model does not belong to China. Rather, it can be found in Malaysia and Singapore. Although these countries are small, the implications are profound because one-third of all countries in the world possess the same type of regime. With an increasing number of these authoritarian regimes establishing sovereign wealth funds, their ability to intervene in the corporate sectors of other countries is rapidly expanding.

Handbook of Green Economics reveals the breadth and depth of advanced research on sustainability and growth, also identifying opportunities for future developments. Through its multidimensional examination, it demonstrates how overarching concepts, such as green growth, low carbon economy, circular economy and others work together. Some chapters reflect on different discourses on the green economy, including pro-growth perspectives and transformative approaches that entail de-growth. Others argue that green policies can spark economic innovation, particularly in developing and emerging market economies. Part literature summary, part analysis and part argument, this book shows how the right conditions can stimulate economic growth while achieving environmental sustainability. This book will be a valuable resource for graduate students and academic researchers whose focus is on the green economy. With an increasing interest in the topic among researchers and policymakers, users will find different theoretical perspectives and explore policy implications in this growing subject area.

Public Sector Leadership in Assessing and Addressing Risk explores risk management in practice, taking a specific focus on the identification of risks in the European public sector while contextualising its Eurocentric analysis within a global setting. The volume lays important groundwork for understanding the main philosophical premises of risk management. Navigating the text's philosophical underpinnings such as 'Risk Management is a misnomer', the editors provide deep insight into global, strategic, and operational risk management that will prove invaluable for any practitioner. Providing high quality academic research, ESFIRM provides a platform for authors to explore, analyse and discuss current and new financial models and theories, and engage with innovative research on an international scale.

The use of behavioural science to inform policy is one of the main developments in the social sciences over the last several decades. In this book, Adam Oliver offers an accessible introduction to the development of behavioural public policy, examining how behavioural economics might be used to inform the design of a broad spectrum of policy frameworks, from nudges, to bans on certain individual behaviours, to the regulation of the commercial sector. He also considers how behavioural economics can explain and predict phenomena as a challenge to economists' assumptions around how people perceive time, utility and money. The book offers an intellectual foundation for all those concerned with behavioural public policy, from academics, undergraduate and postgraduate students with a diverse range of disciplinary perspectives, such as economics, political science, sociology and anthropology, to policy makers and practitioners working directly with behavioural public policy in their everyday working lives.

State and Local Finances under Pressure explores the future of state and local government fiscal systems given the numerous pressures they face from economic, legal, technological, demographic and political forces. It explores how these multiple forces play out in terms of the changes state and local governments should and are likely to make. The contributors argue that state and local governments must make substantial changes and that failure to act is likely to result in adverse effects and increasing pressures for modifications that are more difficult to implement and more politically unpalatable. Without reform, state and local fiscal systems will grow increasingly out of sync with economic reality. The authors suggest that government responses are likely to be evolutionary, but that in 25 years the recorded changes will be substantial. The first chapter provides a historic perspective of state and local fiscal trends. Each of the subsequent chapters describes the nature of one of the pressures state and local governments face including: political and legal forces, globalization of business, demographic and technological changes, deregulation of utilities, and urban sprawl. Policymakers, economists, political scientists, fiscal policy analysts and public administrators will find this comprehensive book of interest.

The use of behavioural science to inform policy is one of the main developments in the social sciences over the last several decades. In this book, Adam Oliver offers an accessible introduction to the development of behavioural public policy, examining how behavioural economics might be used to inform the design of a broad spectrum of policy frameworks, from nudges, to bans on certain individual behaviours, to the regulation of the commercial sector. He also considers how behavioural economics can explain and predict phenomena as a challenge to economists' assumptions around how people perceive time, utility and money. The book offers an intellectual foundation for all those concerned with behavioural public policy, from academics, undergraduate and postgraduate students with a diverse range of disciplinary perspectives, such as economics, political science, sociology and anthropology, to policy makers and practitioners working directly with behavioural public policy in their everyday working lives.

Inequality and taxation are fundamental problems of modern times. How and when can democracies tax economic elites? This book develops a theoretical framework that refines and integrates the classic concepts of business's instrumental (political) power and structural (investment) power to explain the scope and fate of tax initiatives targeting economic elites in Latin America after economic liberalization. In Chile, business's multiple sources of instrumental power, including cohesion and ties to right parties, kept substantial tax increases off the agenda. In Argentina, weaker business power facilitated significant reform, although specific sectors, including finance and agriculture, occasionally had instrumental and/or structural power to defend their interests. In Bolivia, popular mobilization counterbalanced the power of economic elites, who were much stronger than in Argentina but weaker than in Chile. The book's in-depth, medium-N case analysis and close attention to policymaking processes contribute insights on business power and prospects for redistribution in unequal democracies.

This book reflects the futuristic scientific view of the consequences of transition to Industry 4.0 for climate change. The authors present a systemic overview of the current negative consequences of digitization for the environment, new outlines of the energy sphere in Industry 4.0 and the change of the environment pollution level in Industry 4.0. The book also analyses the ecological consequences of growth and development of Industry 4.0, and considers Industry 4.0 as an alternative to fighting climate change. The book presents a view on fighting climate change in Industry 4.0 from the positions of shifting the global community's attention from environment protection to formation of the digital economy. A logical continuation of this book is a view from the opposite side, which would allow reflecting the contribution of Industry 4.0 into fighting climate change and the perspectives of harmonization of these top-priority directions of the global economy's development. This book will be of interest to academics and practitioners interested in climate change and development of Industry 4.0, as well contributing to a national economic policy for fighting climate change and corporate strategies of sustainable development in Industry 4.0.

Pulls together variables recognized by academic scholars and practitioners as important for conducting performance budgeting and integrates these factors into a holistic model of improved theoretical logic. Engages a multi-methodological approach to provide an empirical foundation for the framework developed. Contains case studies from around the US, and will appeal to Organization for Economic Cooperation and Development (OECD) countries such as Latin America, China, South Korea, Taiwan and numerous developing countries in Asia.

How creditors came to wield unprecedented power over heavily indebted countries-and the dangers this poses to democracy The European debt crisis has rekindled long-standing debates about the power of finance and the fraught relationship between capitalism and democracy in a globalized world. Why Not Default? unravels a striking puzzle at the heart of these debates-why, despite frequent crises and the immense costs of repayment, do so many heavily indebted countries continue to service their international debts? In this compelling and incisive book, Jerome Roos provides a sweeping investigation of the political economy of sovereign debt and international crisis management. He takes readers from the rise of public borrowing in the Italian city-states to the gunboat diplomacy of the imperialist era and the wave of sovereign defaults during the Great Depression. He vividly describes the debt crises of developing countries in the 1980s and 1990s and sheds new light on the recent turmoil inside the Eurozone-including the dramatic capitulation of Greece's short-lived anti-austerity government to its European creditors in 2015. Drawing on in-depth case studies of contemporary debt crises in Mexico, Argentina, and Greece, Why Not Default? paints a disconcerting picture of the ascendancy of global finance. This important book shows how the profound transformation of the capitalist world economy over the past four decades has endowed private and official creditors with unprecedented structural power over heavily indebted borrowers, enabling them to impose painful austerity measures and enforce uninterrupted debt service during times of crisis-with devastating social consequences and far-reaching implications for democracy.

This major Handbook addresses fiscal relations between different levels of government under the general rubric of 'fiscal federalism', providing a review of the latest literature as well as an invaluable guide for practitioners and policy makers seeking informed policy options. The contributors include leading lights in the field, many of whom have themselves made seminal contributions to the literature. Comprehensive and wide in coverage, the issues covered range from federal systems to other forms of intergovernmental relations, such as supra-national constructs - namely, the European Union - unitary states, regional systems, and more decentralized operations, including community level organizations. The political economy approach emphasizes the importance of institutional arrangements, including the legal, political and administrative aspects, and information flows to ensure that there are appropriate incentives and sanctions to generate good governance. This Handbook also devotes attention to emerging issues, such as environmental protection, the sharing of natural resources among levels of government, corruption and the impact of federalism and decentralization on national unity. It will be a vital reference tool for the area for many years to come.

Originally published in 1956, as number 17 in the Occasional Papers of the National Institute of Economic and Social Research series, this book presents an investigation into the cost of the National Health Service. Using the technique of 'social accounting', the text was written 'to trace for the National Health Service as a whole in England and Wales, and for each of its main branches, the changes in factor cost and in the amount of resources absorbed since the Service was established'. Appendices are included and numerous tables are incorporated throughout. This book will be of value to anyone with an interest in socio-economic history and the development of the National Health Service.

Recent Developments in the Economics of Education collects together the most important contributions in this rapidly developing field. Themes covered in this book include: efficiency and equity, externalities and the role of the government in providing education, the relationship between the markets for labour and education, cost functions in the education sector, the market for educators, and the economics of school choice. This volume complements an earlier volume in the series, The Economic Value of Education, edited by Mark Blaug.

Although coercion is a fundamental and unavoidable part of our social lives, economists have not offered an integrated analysis of its role in the public economy. The essays in this book focus on coercion arising from the operation of the fiscal system, a major part of the public sector. Collective choices on fiscal matters emerge from and have all the essential characteristics of social interaction, including the necessity to force unwanted actions on some citizens. This was recognized in an older tradition in public finance which can still serve as a starting point for modern work. The contributors to the volume recognize this tradition, but add to it by using contemporary frameworks to study a set of related issues concerning fiscal coercion and economic welfare. These issues range from the compatibility of an open access society with the original Wicksellian vision to the productivity of coercion in experimental games.

This book presents an in-depth analysis of key recommendations of the consecutive state finance commissions (SFCs) across states of India in the local and national perspective. It reviews the working of SFCs and their critical role in strengthening local governments, both Panchayats and municipalities in the various states. The volume attempts to identify some of the emerging issues related to the efficacy of SFC in fiscal decentralization. It appraises nearly eighty SFC reports and actions taken thereon by the respective State Governments with contextual analysis.

Public finance is a major feature of the development of modern European societies, and it is at the heart of the definition of the nature of political regimes. Public finance is also a most relevant issue in the understanding of the constraints and possibilities of economic development. This book is about the rise and development of taxation systems, expenditure programs, and debt regimes in Europe from the early nineteenth century to the beginning of World War I. Its main purpose is to describe and explain the process by which financial resources were raised and managed. The volume presents studies of nine countries or empires that are considered highly representative of the widest European experience on the matter and discusses whether there are any common patterns in the way the different European states responded to the need for raising additional resources to pay for the new tasks they were performing.

How did today's rich states first establish modern fiscal systems? To answer this question, Political Transformations and Public Finances by Mark Dincecco examines the evolution of political regimes and public finances in Europe over the long term. The book argues that the emergence of efficient fiscal institutions was the result of two fundamental political transformations that resolved long-standing problems of fiscal fragmentation and absolutism. States gained tax force through fiscal centralization and restricted ruler power through parliamentary limits, which enabled them to gather large tax revenues and channel funds toward public services with positive economic benefits. Using a novel combination of descriptive, case study and statistical methods, the book pursues this argument through a systematic investigation of a new panel database that spans eleven countries and four centuries. The book's findings are significant for our understanding of economic history and have important consequences for current policy debates.

The composition of government expenditure varies considerably across countries. The aim of this book is to explore the choice of expenditure using a range of modelling approaches. The models allow for different economic environments, involving the types of expenditure considered, the time period of analysis and the behavior of individuals. The composition of expenditure is examined using majority voting and public finance frameworks, where the latter involves maximization of a social welfare function involving a trade-off between equity and efficiency. Special attention is given to expenditure on transfer payments, public goods and education. Empirical analyses are also carried out, using data for a wide range of countries, where potential orders of magnitude of various components of the models are obtained. The models help in considering important factors and the inter-relationships involved. In particular, a synthesis is provided which allows special consideration of the role of basic inequality in influencing expenditure patterns. The book will be of considerable value to students and researchers interested in public economics. Contents: Part I: Introduction 1. Introduction 2. Alternative Choice Mechanisms Part II: Voting Models 3. Transfer Payments and Public Goods 4. The Role of Home Production 5. An Overlapping Generations Framework Part III: Optimal Choice 6. The Optimal Expenditure Composition 7. Education, Public Goods and Transfers 8. The Overlapping Generations Context Part IV: A General Equilibrium Model 9. A General Equilibrium OLG Model Bibliography Index

Over the last thirty years there has been extensive use of continuous time econometric methods in macroeconomic modelling. This monograph presents a continuous time macroeconometric model of the United Kingdom incorporating stochastic trends. Its development represents a major step forward in continuous time macroeconomic modelling. The book describes the model in detail and, like earlier models, it is designed in such a way as to permit a rigorous mathematical analysis of its steady-state and stability properties, thus providing a valuable check on the capacity of the model to generate plausible long-run behaviour. The model is estimated using newly developed exact Gaussian estimation methods for continuous time econometric models incorporating unobservable stochastic trends. The book also includes discussion of the application of the model to dynamic analysis and forecasting.

Why was the UK so unprepared for the pandemic, suffering one of the highest death rates and worst economic contractions of the major world economies in 2020? Hilary Cooper and Simon Szreter reveal the deep roots of our vulnerability and set out a powerful manifesto for change post-Covid-19. They argue that our commitment to a flawed neoliberal model and the associated disinvestment in our social fabric left the UK dangerously exposed and unable to mount an effective response. This is not at all what made Britain great. The long history of the highly innovative universal welfare system established by Elizabeth I facilitated both the industrial revolution and, when revived after 1945, the postwar Golden Age of rising prosperity. Only by learning from that past can we create the fairer, nurturing and empowering society necessary to tackle the global challenges that lie ahead - climate change, biodiversity collapse and global inequality.

Taxation is a major issue in the economic and political spheres. This book focuses on a sample of developing countries from Asia and Latin America that experienced an economic and democratic transition during the period 1990-2004. Using a unique dataset the authors show that tax revenue is higher in more democratic regimes, consistent with the standard view that democracies have to satisfy the redistributive needs of the electorate. They also find that a second relationship between the level of democracy and the composition of taxes (mainly direct versus indirect) is much harder to predict. However, a comparison with new EU member states suggests that more mature democracies are associated with higher levels of direct tax. This unique book in a relatively under-researched subject area will prove essential reading for academics, researchers and practitioners focusing on political economy, public finance and the economics of taxation.

The last few decades have presented a new set of challenges and opportunities for public finances. Demographic trends have put substantial pressure on non-discretionary public expenditures such as health care, while legal challenges have put pressure on education financing. The author illustrates how these national trends have also impacted state and local finances ? some directly, others indirectly. The economic downturn further constrains state and local governments? options for dealing with national trends. Constituents? sentiment toward the size of government further exacerbates fiscal choices for state and local governments.In this broad and illuminating volume, experts on public finance discuss innovations in state and local tax policy implemented or considered over the course of the last three decades. The authors provide original work that analyzes whether state and local governments have ?gone outside the box? to deal with the strains of current public finances or have gotten along by adhering to the status quo. Well-known scholars in the area of state and local public finance consider actual practices and analyze potential policy changes for the future.Public policy and public finance scholars and students as well as policy makers will find much of interest in this impressive and original collection.

Fiscal autonomy could raise economic growth and efficiency in Scotland, benefiting both Scotland and the rest of the United Kingdom. C. Paul Hallwood and Ronald MacDonald discuss how other reform proposals, which amount to cutting Scotland's block grant, would not be seen as legitimate by Scottish voters, and would be unlikely to reduce the burden on the Westminster budget. The authors demonstrate how public finances can be organized to minimize the price of tranquillity in multi-regional states. Advances proposed in the 'new fiscal federalism' literature are used to explain why fiscal autonomy would be a superior system compared to the present block grant system and fiscal federalism, whereby Scotland would be granted limited tax powers. Their extensive review of recent econometric studies finds that tax devolution in other countries has been largely successful.

Budgeting for Local Governments and Communities is designed as the primary textbook for a quarter or semester-long course in public budgeting and finance in an MPA programme. Many currently available texts for this course suffer from a combination of defects that include a focus on federal and state budgeting, a lack of a theoretical governance framework, an omission of important topics, and typically a lack of exercises and datasets for student use. Budgeting for Local Governments and Communities solves all of these problems. The book is exceptionally comprehensive and well written, and represents the efforts of veteran authors with both teaching and real-world experience. Key Features: Special Focus on Local Government Budgeting: focuses exclusively on budgeting at the local levels of American government, which are responsible for spending 40 percent of the taxes collected from citizens. Integration of Theory and Practice: teaching cases and chapters capture the "lessons learned" by professional practitioners who have extensive experience in making local public budgeting work on the ground.< /li> Polity Approach to Local Budgeting: presents an introduction to local budgeting as the central political activity that integrates the resources of the community into a unified whole. Budgeting is presented as governance work, rather than as a unique set of skills possessed by analysts and financial specialists. Legal, Historical, Economic and Moral Foundations of Local Government Budgeting: provides readers with an understanding of how the structures and processes of local budgeting systems are firmly tethered to the underlying core values, legal principles and historical development of the larger American federal, state and local political systems. Electronic Datasets and Budgeting Exercises: the text includes access to extensive electronic datasets and practice exercises that provide abundant opportunities for students to "learn through doing." Extensive Glossary and Bibliography: covers terms on the history and practice of local public budgeting.