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This South African edition of Macroeconomics is essential reading for all students taking introductory economics modules on undergraduate courses throughout South Africa. It is also ideal for use with the macroeconomics component of MBA courses. The text contains updated case studies, set against a South African context to illustrate how the principles of economics relate to your life. The news articles are based on news events in South Africa along with questions to help you apply your knowledge and to build your understanding. This text is designed to give you the confidence and ability to think like an economist.
This book presents a unified and global view of macroeconomics, enabling students to see the connections between the short-run, medium-run, and long-run. The book is organised in a flexible manner around two central parts: A core and a set of three major extensions. The core provides students with a unified view of macroeconomics; The extensions offers increased depth on the subject matter; and current macroeconomic events are integrated into each chapter of the book within the text and detailed boxes. Each box shows students how they can use what they've learned to get an understanding of economics in the real-world. It offers an underlying model that draws the implications of equilibrium in three sets of markets: the goods market, the financial markets and the labour market. Features two chapters, "The crisis" and "Monetary policy" provide updated information. Focus boxes convey the life of macroeconomics today and reinforce the lessons from the models, making them more concrete and easier to grasp. South African data, examples and terminology are meaningfully integrated throughout the text. The chapter on exchange rates provides an accessible treatment of the topic, reinforcing an understanding of the concepts with South Africa in mind. Content on inflation, activity and nominal money growth from the 5th edition has been integrated into chapter 8.
A lively and encouraging narrative connects economics to the world in a way that is familiar to students in this eight edition. Drawing on over 25 years of teaching experience, author Robert Sexton sticks to the basics and segments concepts into brief, visually appealing, self-contained sections that are easier to digest and retain. Thoughtfully placed section quizzes, interactive summaries, and problem sets help students check their comprehension at regular intervals and develop the critical thinking skills that will allow them to "think like economists." Combined with a complete teaching and learning package including online homework and flexible teaching options, Exploring Economics is sure to help ignite students' passion for the field and help them understand its practical application in the real-world.
More than $2 trillion is traded in the foreign exchange every day, and many experts believe this figure will double in the next five years. Fortunately for spot currency traders, the high-volume periods in this market are predictably moved by information released from government and informational agencies, typically on Wednesdays and Fridays at 8:30 a.m. Knowing this gives the Forex trader tremendous analytical advantage, and in "Forex Shockwave Analysis," veteran online spot currency trader James Bickford offers reliable techniques and know-how to capitalize on the violent disruptions that happen at these times.
When a severe breakout up or down occurs in an otherwise well-behaved time series, it's called a shockwave, and "Forex Shockwave Analysis" offers unprecedented focus on identifying, analyzing, and categorizing this unique pattern in the foreign exchange market. It not only helps independent investors isolate and recognize recurring shockwave personality traits, but it also gives insight into the reactive phase immediately following the shockwave. Fundamental analysis is covered to provide complete coverage, but playing this market's action can be most highly profitable when the streaming data available today is used to reveal critical properties and characteristics about the underlying currency pair. This book equips you with the four most important methods of technical analysis: Pattern recognition Econometric models Crossover trading systems Wave theory
"Forex Shockwave Analysis" is packed with practical information for mastering shockwave trading, including a refined minimum reversal algorithm that converts raw security data (OHLC quotes) to swing data, numerous charts and diagnoses based on activity, range, and interaction, as well as fifteen case studies demonstrating how covered material works in the real world. This highly visual book is also outstandingly designed to serve as a computer-side reference that equips you with eleven appendices filled with all the tools you need to gain a distinct advantage while working online in your currency trading platform.
Shockwaves occur over the course of a few minutes, and with "Forex Shockwave Analysis," you can effectively profit off them for a lifetime.
THE TOP TEN BESTSELLER From the bestselling author of The Black Swan, a bold book that challenges many of our long-held beliefs about risk and reward, politics and religion, finance and personal responsibility Why should we never listen to people who explain rather than do? Why do companies go bust? How is it that we have more slaves today than in Roman times? Why does imposing democracy on other countries never work? The answer: too many people running the world don't have skin in the game. In his inimitable, pugnacious style, Nassim Nicholas Taleb shows that skin in the game applies to all aspects of our lives. It's about having something to lose and taking a risk. Citizens, lab experimenters, artisans, political activists and hedge fund traders all have skin in the game. Policy wonks, corporate executives, theoreticians, bankers and most journalists don't. As Taleb says, "The symmetry of skin in the game is a simple rule that's necessary for fairness and justice, and the ultimate BS-buster," and "Never trust anyone who doesn't have skin in the game. Without it, fools and crooks will benefit, and their mistakes will never come back to haunt them".
Money is the most important human invention after language. It provides tokens for the faith we have in each other and society – but that trust has been violated repeatedly throughout history by the middlemen and authorities we rely upon in order to transact with each other.
Now a new kind of money promises to rescue us from these tyrants and return us to the roots of money, without relying on third-parties. Instead of putting our faith in banks and governments, we can trust math.
Simon Dingle has been working with Bitcoin and other cryptocurrencies since 2011, designing products that make it easier to engage with this new world of money. He is also a broadcaster, writer and speaker who makes complex subjects simple for his audiences. Having led the product team at one of the world’s first Bitcoin exchanges and on other popular fintech products, Simon continues to design and invest in projects that make money more fair, this in addition to his weekly radio show on 5FM that helps people with technology more generally.
In his first book Simon looks at the evolution of human trust that not only explains how cryptocurrencies work and the origins of Bitcoin, but how you can use these networks to take control of your own financial universe. A highly readable account of a complex subject, In Math We Trust is all you need to find out about the future of money.
THE DEFINITIVE BOOK ON HOW THE TECHNOLOGY BEHIND BITCOIN AND CRYPTOCURRENCY IS CHANGING THE WORLD -- MAJORLY EXPANDED WITH NEW MATERIAL ON CRYPTOASSETS, ICOs, SMART CONTRACTS, DIGITAL IDENTITY AND MORE.
'This book has had an enormous impact on the evolution of blockchain in the world' Satya Nadella, CEO, Microsoft Corporation
'What a spectacular book. Mind-blowing in its expansiveness and profundity. It makes me think we're at one of those times in technological, economic and social history where the sky is the limit' Steve Wozniak, co-founder of Apple Computer and Chief Scientist at Prima Data
'The Tapscotts have written the book, literally, on how to survive and thrive in this next wave of technology-driven disruption. Likely to become one of the iconic books of our time' Clay Christensen, Professor of Business Administration at Harvard Business School and author of The Innovator's Dilemma
'Occasionally a book comes along that changes the global discourse. This is likely to be one of those books. Blockchains are at the heart of the fourth industrial revolution and the Tapscotts lucidity explain why and how to capture the opportunity and avoid dangers' Klaus Schwab, Founder and Executive Chairman of the World Economic Forum
'Blockchain Revolution is a highly readable introduction to a bamboozling but increasingly important field' - Guardian
Blockchain is the ingeniously simple technology that powers Bitcoin. But it is much more than that, too. It is a public ledger to which everyone has access, but which no single person controls. It allows for companies and individuals to collaborate with an unprecedented degree of trust and transparency. It is cryptographically secure, but fundamentally open. And soon it will be everywhere.
In Blockchain Revolution, Don and Alex Tapscott reveal how this game-changing technology will shape the future of the world economy, dramatically improving everything from healthcare records to online voting, and from insurance claims to artist royalty payments. Brilliantly researched and highly accessible, this is the essential text on the next major paradigm shift. Read it, or be left behind.
Don Tapscott is one of the most influential living theorists on business and society. He is the bestselling author of Wikinomics, The Digital Economy, and a dozen other acclaimed books about technology, business, and society.
Alex Tapscott is the CEO of NextBlock Global a digital asset company. Previously, he worked for seven years in investment banking in New York and Toronto.
Macroeconomics: Understanding the Global Economy, 3rd Edition is to help students and indeed anyone understand contemporary and past economic events that shape the world we live in, and at a sophisticated level. But it does so without focusing on mathematical techniques and models for their own sake. Theory is taken seriously so much so that the authors go to pains to understand the key aspects of theories in a way that will not put people off before they see how theories are useful to analyse issues. The authors believe that theories are essential to better understand the world, thus the book includes a wealth of historic and current episodes and data to both see how theories can help interpret the world and also to judge their validity. Economies today are very inter-connected; what happens in China matters pretty much everywhere; and what happens in one (even small) country in the euro zone has implications for the whole euro area and beyond, consequently Macroeconomics, 3rd Edition adopts a very international focus.
Why do economic variables change? So what if they do? What happens next? How do economic processes and policy institutions really work? What can policy do?
The answers are found in How To Think And Reason In Macroeconomics, a popular university text with very positive feedback from students, lecturers and practitioners. It combines well-informed intuitive understanding with solid economic theory plus a concrete understanding of South African economic processes, institutions and data. In this way it prepares you to analyse macroeconomic events and policies in a globalised and development context.
From Nobel Prize-winning economist and bestselling author Joseph Stiglitz, this account of the dangers of free market fundamentalism reveals what has gone so wrong, but also shows us a way out. We all have the sense that our economy tilts toward big business, but as Joseph E. Stiglitz explains in People, Power and Profits, a few corporations have come to dominate entire sectors, contributing to skyrocketing inequality and slow growth. This is how the financial industry has managed to write its own regulations, tech companies have accumulated reams of personal data with little oversight, and government has negotiated trade deals that fail to represent the best interests of workers. Too many have made their wealth through exploitation of others rather than through wealth creation. If something isn't done, new technologies may make matters worse, increasing inequality and unemployment. Stiglitz identifies the true sources of wealth and increases in standards of living, based on learning, advances in science and technology, and the rule of law. He shows that the assault on the judiciary, universities, and the media undermines the very institutions that have long been the foundation of economic prosperity and democracy. Helpless though we may feel today, we are far from powerless. In fact, the economic solutions are often quite clear. We need to exploit the benefits of markets while taming their excesses, making sure that markets work for people and not the other way around. If enough rally behind this agenda for change, we can create a progressive capitalism that will recreate a shared prosperity. Stiglitz shows how a decent middle-class life can once again be attainable by all.
Murder for hire. Drug trafficking. Embezzlement. Money laundering... These might sound like plot lines of a thriller, but they are true stories from the short history of cryptocurrencies - digital currencies conceived by computer hackers and cryptographers that represent a completely new sort of financial transaction that could soon become mainstream. The most famous - or infamous - cryptocurrency is bitcoin. But look beyond its tarnished reputation and something much shinier emerges. The technology that underlies bitcoin and other cryptocurrencies - the blockchain - is hailed as the greatest advancement since the invention of the internet. It is now moving away from being the backbone for a digital currency and making inroads into other core concepts of society: identity, ownership and even the rule of law. The End of Money is your essential introduction to this transformative new technology that has governments, entrepreneurs and forward-thinking people from all walks of life sitting up and taking notice. ABOUT THE SERIES New Scientist Instant Expert books are definitive and accessible entry points to the most important subjects in science; subjects that challenge, attract debate, invite controversy and engage the most enquiring minds. Designed for curious readers who want to know how things work and why, the Instant Expert series explores the topics that really matter and their impact on individuals, society, and the planet, translating the scientific complexities around us into language that's open to everyone, and putting new ideas and discoveries into perspective and context.
Capitalism has lost its way. Every week brings fresh news stories about businesses exploiting their staff, avoiding their taxes, and ripping off their customers. Every week, public anger at the system grows. Now, one of Britain's foremost entrepreneurs intervenes to make the case for putting business back firmly in the service of society, and setting out on a new path to a kinder, fairer form of capitalism. Drawing on four decades of hands-on management experience, the founder of Richer Sounds argues that ethically run businesses are invariably more efficient, more motivated and more innovative than those that care only about the bottom line. He uncovers the simple tools that the best leaders use to make their businesses fair, revealing how others can follow suit. And he also delves into the big questions that modern capitalism has to answer if it is to survive and to thrive. When should - and shouldn't - the state intervene in the workings of commercial enterprises? What does business as a whole owe back to the wider community? Is the relationship between leaders of big corporations and politicians too cosy, and, if so, what is to be done about it? At heart, The Ethical Capitalist is a plea for a new sense of moral purpose in business. If that takes hold, Julian Richer believes, we might just save capitalism from itself.
A masterful introduction to the key ideas behind the successes "and failures "of free-market economics Since 1946, Henry Hazlitt (TM)s bestselling Economics in One Lesson has popularized the belief that economics can be boiled down to one simple lesson: market prices represent the true cost of everything. But one-lesson economics tells only half the story. It can explain why markets often work so well, but it can (TM)t explain why they often fail so badly "or what we should do when they stumble. As Nobel Prize "winning economist Paul Samuelson quipped, oeWhen someone preaches ~Economics in one lesson, (TM) I advise: Go back for the second lesson. In Economics in Two Lessons, John Quiggin teaches both lessons, offering a masterful introduction to the key ideas behind the successes "and failures "of free markets. Economics in Two Lessons explains why market prices often fail to reflect the full cost of our choices to society as a whole. For example, every time we drive a car, fly in a plane, or flick a light switch, we contribute to global warming. But, in the absence of a price on carbon emissions, the costs of our actions are borne by everyone else. In such cases, government action is needed to achieve better outcomes. Two-lesson economics means giving up the dogmatism of laissez-faire as well as the reflexive assumption that any economic problem can be solved by government action, since the right answer often involves a mixture of market forces and government policy. But the payoff is huge: understanding how markets actually work "and what to do when they don (TM)t. Brilliantly accessible, Economics in Two Lessons unlocks the essential issues at the heart of any economic question.
The book provides a thorough but concise exposure to macroeconomics to post school students as well as those studying economics for the first time. Following an introduction that gives an overview of macroeconomics as well as a brief discussion of the main macroeconomic problems that societies face, the book then looks at national income accounting and economic performance. The book looks at the unemployment problem. There is also a discussion of aggregate supply and demand theory, and the role of that theory in explaining the determinants of aggregate economic output and employment. The problem of inflation and is also discussed. The reality that the economies of most countries are interconnected with that of the rest of the world is discussed under open-economy. The book then discusses economic growth in both the short-run and the long run.
The fascinating untold story of digital cash and its creators "from experiments in the 1970s to the mania over Bitcoin and other cryptocurrencies Bitcoin may appear to be a revolutionary form of digital cash without precedent or prehistory. In fact, it is only the best-known recent experiment in a long line of similar efforts going back to the 1970s. But the story behind cryptocurrencies like Bitcoin and its blockchain technology has largely been untold "until now. In Digital Cash, Finn Brunton reveals how technological utopians and political radicals created experimental money to bring about their visions of the future: protecting privacy or bringing down governments, preparing for apocalypse or launching a civilization of innovation and abundance that would make its creators immortal. The incredible story of the pioneers of cryptocurrency takes us from autonomous zones on the high seas to the world (TM)s most valuable dump, from bank runs to idea coupons, from time travelers in a San Francisco bar to the pattern securing every twenty-dollar bill, and from marketplaces for dangerous secrets to a tank of frozen heads awaiting revival in the far future. Along the way, Digital Cash explores the hard questions and challenges that these innovators faced: How do we learn to trust and use different kinds of money? What makes digital objects valuable? How does currency prove itself as real to us? What would it take to make a digital equivalent to cash, something that could be created but not forged, exchanged but not copied, and which reveals nothing about its users? Filled with marvelous characters, stories, and ideas, Digital Cash is an engaging and accessible account of the strange origins and remarkable technologies behind today (TM)s cryptocurrency explosion.
The global financial crisis in 2008 brought central banking to the centre stage, prompting questions about the role of national central banks and - in Europe - of the multi-country European Central Bank. What can central banks do, and what are their limitations? How have they performed? Currency, Credit and Crisis seeks to provide a coherent perspective on the functions of a central bank in a small country by assessing the way in which Ireland's financial crisis from 2010 to 2013 was handled. Drawing on his experiences as Governor of the Central Bank of Ireland and in research and policy work at the World Bank, Patrick Honohan offers a detailed analytical narrative of the origins of the crisis and of policy makers' conduct during its most fraught moments.
We all have the sense that the American economy-and its government-tilts toward big business, but as Joseph E. Stiglitz explains in his new book, People, Power, and Profits, the situation is dire. A few corporations have come to dominate entire sectors of the economy, contributing to skyrocketing inequality and slow growth. This is how the financial industry has managed to write its own regulations, tech companies have accumulated reams of personal data with little oversight, and our government has negotiated trade deals that fail to represent the best interests of workers. Too many have made their wealth through exploitation of others rather than through wealth creation. If something isn't done, new technologies may make matters worse, increasing inequality and unemployment. Stiglitz identifies the true sources of wealth and of increases in standards of living, based on learning, advances in science and technology, and the rule of law. He shows that the assault on the judiciary, universities, and the media undermines the very institutions that have long been the foundation of America's economic might and its democracy. Helpless though we may feel today, we are far from powerless. In fact, the economic solutions are often quite clear. We need to exploit the benefits of markets while taming their excesses, making sure that markets work for us-the U.S. citizens-and not the other way around. If enough citizens rally behind the agenda for change outlined in this book, it may not be too late to create a progressive capitalism that will recreate a shared prosperity. Stiglitz shows how a middle-class life can once again be attainable by all. An authoritative account of the predictable dangers of free market fundamentalism and the foundations of progressive capitalism, People, Power, and Profits shows us an America in crisis, but also lights a path through this challenging time.
No issue is more fundamental in contemporary macroeconomics than identifying the causes of the recent Great Recession. The standard view is that the banks were to blame because they took on too much risk, `went bust' and had to be bailed out by governments. However very few banks actually had losses in excess of their capital. The counter-argument presented in this stimulating new book is that the Great Recession was in fact caused by a collapse in the rate of change of the quantity of money. This was the result of a mistimed and inappropriate tightening of banks' capital regulations, which had vicious deflationary consequences at just the wrong point in the business cycle. Central bankers and financial regulators made serious mistakes. The book's argument echoes that on the causes of the Great Depression made by Milton Friedman and Anna Schwartz in their classic book A Monetary History of the United States. Offering an alternative monetary explanation of the Great Recession, this book is essential reading for all economists working in macroeconomics and monetary economics. It will also appeal to those interested in the wider public policy debates arising from the crisis and its aftermath.
Combining innovative treatment of macroeconomic concepts with the clearest presentation of long-run growth theory, Jones offers students an accessible and truly modern introduction to the field. With new primers, important updates on the aftermath of the great recession, and over 90 updated charts and tables, Macroeconomics, fourth edition, is the ideal text for exposing undergraduates to current perspectives at a level they can understand.
This important new book introduces students to the fundamental ideas of heterodox economics, presented in a clear and accessible way by top heterodox scholars. It offers not only a critique of the dominant approach to economics, but also a positive and constructive alternative. Students interested in an explanation of the real world will find the heterodox approach not only satisfying, but ultimately better able to explain a money-using economy prone to periods of instability and crises. Key features of this textbook include: * A non-conventional understanding of economic analysis on a number of relevant topics * Deep and convincing criticism of orthodox thinking * Discussion of the crucial importance of money, banking and finance today * Analysis of the roots of the 2008 global financial crisis * A presentation of the features of sustainable development. Students of economics at all levels can use this textbook to deepen their understanding of the heterodox approach, the fundamental roots of the 2008 global financial crisis and the need to rethink economics afresh.
The growing levels of income inequality, an explosion of global financial flows, and a worldwide decline of economic growth have combined to challenge accepted economic wisdom. Utilizing a heterodox approach, Pablo G. Bortz provides a fresh look for understanding the interaction between these three factors while identifying challenges and possible alternatives for an expansionary and progressive economic policy. Reviewing several schools of thought, Inequality, Growth and `Hot' Money explores the risks generated by capital flows and the limitations they impose on progressive economic policies. Professor Bortz then provides instruments and alternatives to pursue an expansionary and equalitarian program, including theoretical contributions to enrich heterodox and progressive economics. Standout features of this book include a review of the challenges that financial flows pose for developing countries; a redefinition of the role of capital controls; a policy approach that separates interest rate policies from a broader credit policy; and a rejection of the negative relationship between a more egalitarian income distribution and sustained economic expansion. Expanding the Kaleckian approach to include financial flows, this accessible introduction to heterodox growth models will be appreciated by graduate students and committed heterodox economists. Research departments at official institutions such as central banks may also be interested, specifically in the book's models and policy prescription.
Representing a unique contribution to the analysis and discussion of the unfolding Eurozone crisis in terms of the relationship between central and local government, this book addresses a number of important fiscal and political economy questions. To what extent have local and regional governments contributed to the crisis? To what degree have sub-national services and investments borne the brunt of the adjustments? How have multi-level fissures affected tensions between different levels of government from the supranational to the local? This volume covers these and many other critical issues that have been largely ignored despite their relevance. The book first addresses general issues of fiscal coordination and management across levels of government in the context of incentives, which can be altered by the existence of a supranational tier. The country-specific chapters, prepared by leading experts, provide a thorough review of the key problems of multi-levels of government in the biggest economies in the Eurozone (France and Germany) and Southern Europe (Portugal, Spain, Italy and Greece). In further chapters the juxtaposition of Barcelona and Turin provides an opportunity to evaluate large investments in a multi-level context, associated, in this case, with the Olympics. Macedonia provides a discussion of the related issues in an EU accession country. As a whole, the book explores the long-term impact of the crisis on local service delivery and investment, and the consequences for sustainable growth and political cohesion. It also offers rarely found insights and suggestions to increase the stability and strength of multi-level European institutions. This is an enlightening resource for all those, from academics and graduates to policy makers and practitioners, seeking a comprehensive understanding of European fiscal, federal and financial issues.
The introduction of Islamic banking and finance across the globe strengthens the argument for low and stable inflation and rule-based monetary policy for sustained economic growth. Although Islamic banking and finance may have created some complexities in financial transactions it remains consistent with Classical monetary theory and has created opportunities for improving the infrastructure of central banks and monetary policy to maintain both price and economic stability. This book reviews key aspects of central banking and monetary policy in selected Muslim-majority countries which have introduced Islamic banking and finance alongside conventional banking since the 1980s. The selected countries are Bahrain, Bangladesh, Egypt, Indonesia, Iran, Malaysia, Pakistan, Saudi Arabia and Turkey. While reviewing country-specific experiences and issues in inflation and monetary policy, and analysing them from an historical context, emphasis is given to the evolution of Islamic banking and finance and the consequent institutional developments for maintaining price stability. Macroeconomic problems under these regimes are also highlighted and their policy implications drawn. This volume will be of great value to students and researchers interested in Islamic banking and finance, and macroeconomic and monetary policy issues in Muslim-majority countries.
Can the Euro be saved? Should it be? Nobel prize-winning economist Joseph E. Stiglitz dismantles the prevailing consensus around what ails Europe - arguing that economic stagnation is a direct result of the Euro's flawed birth, demolishing the champions of austerity and offering solutions that can rescue the continent from further devastation. 'Stiglitz could hardly have timed The Euro better ... one of those economists with a rare ability to help readers understand complex ideas' Philip Aldrick, The Times 'Original, hard-hitting ... Much more than a demolition job. These chapters are full of constructive proposals' Martin Sandbu, Financial Times 'Terrific and clarifying' Peter Goodman, The New York Times 'Coolly analytical ... he is surely right: without a radical overhaul of its workings, the Euro seems all but certain to fail' Economist
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