The endogenous nature of money is a fact that has been recognized rather late in monetary economics. Today, it is explained most comprehensively by post-Keynesian economic analysis. This book revisits the nature of money and its endogeneity, featuring a number of the protagonists who took part in the original debates in the 1980s and 1990s, as well as new voices and analyses. Expert contributors revisit long-standing discussions from the position of both horizontalism and structuralism, and prescribe new areas of research and debate for post-Keynesian scholars to explore. Louis-Philippe Rochon and Sergio Rossi eloquently situate the nature of money and its endogeneity in an historical context, before bringing together an engaging array of chapters written by contemporary leading scholars. These chapters put forth detailed analyses of money creation; central bank operations and the role of monetary authorities; a link between interest rates and income distribution; a stock-flow analysis of monetary economies of production; and finally, a reinterpretation of horizontalism and structuralism. Post-Keynesian and heterodox economists, institutionalist economists, scholars of money and finance, and graduate students studying economics will all find this an enlightening read. Contributors include: A. Cottrell, P. Dalziel, P. Docherty, G. Fontana, S.T. Fullwiler, E. Hein, J.E. King, J. Knodell, M. Lavoie, N. Levy-Orlik, C.J. Niggle, T.I. Palley, Y. Panagopoulos, L.-P. Rochon, C. Rogers, S. Rossi, M. Sawyer, M. Setterfield, J. Smithin, A. Spiliotis

This major Handbook consists of 29 contributions that explore the full range of exciting and interesting work on money and finance currently taking place within heterodox economics. There are many themes and facets of alternative monetary and financial economics but two major ones can be identified. The first concerns the nature of money: money is credit created through the financial system in the process of loan creation. The second theme is that money is endogenous and not exogenous. Contributions to the Handbook cover the origins and nature of money, detailed analyses of endogenous money, surveys of empirical work on endogenous money and the nature of monetary policy when money is endogenous. The second theme focuses on the financial system, and the perception that it is generally subject to volatility, instability and crisis. This Handbook will undoubtedly serve as the ultimate guide to the full spectrum of alternative monetary economics. Philip Arestis and Malcolm Sawyer have performed an invaluable task in compiling a comprehensive Handbook, written by leading specialists, that will be required reading by upper level undergraduate and postgraduate students studying money, finance and macroeconomics as well as heterodox and monetary economists more generally.

This book focuses on the connotation and the basic structure of smart supply chain finance and on this basis, systematically explores the elements of smart supply chain finance innovation, and further proposes a five-dimensional model for the realization of smart supply chain finance-SMART. The book also explores the risk management issues of smart supply chain finance from the perspective of industrial risk management.

This book provides an analytical and computational approach to solving and simulating the Mahalanobis model and the papers surrounding it. The book comes up, perhaps for the first time, with a holistic examination of an important growth model that emerged out of India in the 1950s. It contains detailed derivations of the Mahalanobis model and the several critiques and extensions surrounding it with an organized synthesis of the main results. Computationally, the book simulates the model and its many variants, thus making it accessible to a wider audience. Advanced undergraduates and beginning graduate students in the fields of Economics, Mathematics, and Statistics will gain immensely from understanding both the mathematical aspects as well as the computational aspects of the Mahalanobis model. In the absence of a single 'go-to' source on all aspects of the model -- analytical and computational -- this book is a definitive volume on the Mahalanobis model that has all the derivations of all the papers surrounding the model, its dissents and critiques, and extensions as in the wage goods model suggested by Vakil and Brahmananda.

This title brings together the most significant modern contributions to the literature on globalization and inequality. The editor's selection, set in context by an authoritative introduction, uses broad analyses and important case studies to illustrate the impact on levels of inequality of previous periods of globalization and of the current era of globalization. The research review further focuses on the issues of openness and inequality, and concludes with several benchmark papers that examine global levels of inequality. This timely book will be an invaluable resource for anyone concerned with this vital relationship, including teachers, doctoral students and researchers.

More than a decade after the publication of the critically acclaimed A Modern Guide to Macroeconomics, Brian Snowdon and Howard Vane have produced a worthy successor in the form of Modern Macroeconomics. Thoroughly extended, revised and updated, it will become the indispensable text for students and teachers of macroeconomics in the new millennium. The authors skilfully trace the origins, development and current state of modern macroeconomics from an historical perspective. They do so by thoroughly appraising the central tenets underlying the main competing schools of macroeconomic thought as well as their diverse policy implications. To reflect the important developments which have occurred in macroeconomics over the final decades of the twentieth century, they also survey the burgeoning literature on the 'new political macroeconomics' and 'economic growth'. The book includes insightful chapters on the Post Keynesian and Austrian schools by Paul Davidson and Roger Garrison, and is enlivened by interviews with leading economists such as Robert Skidelsky, James Tobin, Milton Friedman, Robert Lucas Jr, Edward Prescott, Gregory Mankiw, Alberto Alesina, Robert Solow and Paul Romer. The volume also contains an extensive bibliography of over 1,300 publications which highlights the key titles recommended for further student reading. Erudite, accessible and lucidly written, this book is both a stimulating introduction and excellent guide to the controversies and diversity of modern macroeconomic debates. It will prove invaluable for students on undergraduate and postgraduate courses who want to understand as well as simply learn about macroeconomics. It is also a book that many teachers and lecturers will want on their shelves.

Professor William Nordhaus was honored with a Nobel Prize in Economics for his lifetime contributions to research and policy on climate change and macroeconomics. This book contains a collection of essays written by eleven leading climate change economists describing precisely how Professor Nordhaus changed climate change economics. The essays highlight the major contributions that Professor Nordhaus has made to understanding climate change. The book also discusses the important contributions Professor Nordhaus has made to develop effective policies to manage greenhouse gases both now and far into the future. Several authors also thank Professor Nordhaus for the influence he has had on the trajectory of their own careers. Finally, the essays press forward and discuss how the entire field continues to work on perfecting both climate change economics and policy.

Part of The Elgar Series on Central Banking and Monetary Policy, this book explores the relationship between central banking, monetary policy and the economy at large. It focuses on the specific relationship between central banking, monetary policy and social responsibility as central banks wake up to new realities. The book examines this relationship not only in connection to the economic, monetary and financial impact of the so-called 'unconventional' monetary policies, but also in connection to the functioning of today's democracies. A new framework and model for central banking is proposed in this rethinking of monetary policy, and the role of central banks as institutions in democracies is considered. Scholars and students interested in central banking and monetary policy, the issue of social responsibility and the relationship between central banks and democracy will benefit from the ideas presented by the editors and authors of Central Banking, Monetary Policy and Social Responsibility.

The Great Financial Meltdown reviews, advocates and critiques the systemic, conjunctural and policy-based explanations for the 2008 crisis. The book expertly examines the explanations for the global crisis to assess their analytical and empirical validity. Comprehensive yet accessible chapters, written by a collection of prominent authors, cover a wide range of political economy approaches to the crisis, including Marxian, Post Keynesian and other heterodox schools. This interrogation of economic policy in light of the financial crisis is essential reading for real-word economists. To those seeking to understand the current economic stagnation and failings of the system, it offers an enlightening exposition of contemporary political economy. Contributors include: E. Bakir, R. Bellofiore, A. Campbell, R. Desai, B. Fine, D. Fouskas, A. Freeman, D. Harvey, A. Kaltenbrunner, E. Karacimen, D. Kotz, S. Mavroudeas, S. Mohun, O. Orhangazi, M. Roberts, T. Subasat, J. Toporowski, J. Weeks

This book starts from the application scenarios of artificial financial intelligence regulation, commercial banking, wealth management and payments, etc., and makes a detailed study of the main scenarios of the application of China's artificial intelligence in the financial field, and also analysis specific application cases of China.With the popularization of smart phones and the rapid development of e-commerce, mobile payment, big data and other technologies are in the ascendant in China in recent years. In particular, artificial intelligence technologies in the form of facial, speech and semantic recognition are showing preliminary advantages in the field of FinTech, and the future era of Intelligent Finance has quietly come. The Chinese government has clearly put forward "China should rely on a robust cycle of domestic demand and innovation as the main driver of the economy while maintaining foreign markets and investors as a second engine of growth", science and technology innovation is the basic motivation of economic and social cycle, to implement the " dual circulation strategy ", it is necessary to understand the key role of scientific and technological innovation in financial innovation services, and improve financial services must be driven by science and technology. There is a natural relationship between artificial intelligence and financial services, because financial services are credit and information intermediaries, and data is the most critical for finance, while artificial intelligence has a super ability in dealing with complex data. At present, many Chinese Banks have applied artificial intelligence to their daily operations and management, such as accurate customer identification, enhanced process tracking, intelligent marketing, and product process transformation, so as to simplify financial service processes and shorten service cycles. In General, this book both pays attention to practical application and theoretical, which is a useful reference book in theoretical research and practical work, and also helps readers to understand the application of intelligent finance in China.

This book covers several areas of economic theory and political philosophy from the perspective of Austrian Economics and libertarianism. As such, it deals with Epistemology and Methodology, Microeconomics, Macroeconomics, Labor Economics, International Economics, Political Philosophy, Law and Public Policy, all from the Austro-libertarian perspective. Hence, this book offers an integrated view of libertarianism and Austrian economics in the light of recent debates in the areas of economic science and political philosophy. Moreover, it builds from the foundations of the Austrian approach (epistemology and methodology), while the latter material deals with its application to the individual from the microeconomic perspective, which in turn allows an exploration of subjects in macroeconomics. Additionally, this work applies Austro-libertarianism to law, politics, and public policy. Thus, it offers a unified view of the entire approach, in a logical progression, allowing the readers to judge this perspective in full. Futerman and Block say that their book is not a manual, which I suppose it is not. But it is a collection of highly pertinent essays, from which you can understand what is mistaken in the orthodoxy of economics, law, and politics. The central term of art in Austrian economics is that phrase "human action." It is the exercise of human will, not the blind bumping of one molecule against another or one organism against another, as in the physical sciences... Futerman and Block distinguish Austrian economics as a scientific enterprise based on liberty of the will from "libertarianism" as an advocacy based on policies implied by such liberty. "Although Austrian economics is positive and libertarianism is normative," they write, "this book shows how both are related; how each can support the other." Indeed they do. Deirdre N. McCloskey, PhD UIC Distinguished Professor of Economics and of History Emerita, Professor of English Emerita, Professor of Communication Emerita, University of Illinois at Chicago

This innovative book focuses on the current global financial crisis and the inadequacies of the economic theories being used to guide policy. In so doing, it tackles the economic theories that have been used firstly to understand its causes and thereafter to contain the damage it has brought. The contributors bring together different perspectives from across the entire spectrum of economic opinion to examine what is likely to be the single most important economic problem of our time. The unifying feature is that all of the authors disagree with the standard mainstream neo-classical models being applied in attempting to comprehend what has gone on and then, more importantly, to devise policies to bring this recession to an end. The problems that modern macroeconomics may have caused in being the basis for economic policy are addressed, and it is concluded that the deepening problems found in economies across the developed world are not due to governments having refused to take the advice of their economic advisors but are in many respects due to their actually having taken this advice. Suggesting alternative ways of understanding how economies work so that other types of policies might be used instead, this book will prove a fascinating read not just for scholars and policy-makers concerned with our macroeconomic and financial problems but for anyone interested in deepening their understanding of our contemporary economic debate.

For courses in the principles of macroeconomics. An evidence-basedapproach to economics Throughout Macroeconomics,3rd Edition, authors Daron Acemoglu, David Laibson, and John List usereal economic questions and data to help students learn about the world aroundthem. Taking a fresh approach, they use the themes of optimization,equilibrium, and empiricism to not only illustrate the power of simple economicideas, but also to explain and predict what's happening in today's society.Each chapter begins with an empirical question that is relevant to the life ofa student and is later answered using data in the Evidence-Based Economicsfeature. As a result of the text's practical emphasis, students learn to applyeconomic principles to guide the decisions they make in their own daily lives

This book explores the role of expectations within the modern capitalist system. Through looking at how they are formed and develop, the impact of events that lead to a collapse in expectations, such as a major financial crisis, is examined to highlight the precarious and unstable nature of the economic system. With a particular focus on the UK and USA, it is also considered how public policy and institutions can shift the balance away from speculation and back towards enterprise. This book aims to conceptualise instability and highlight how economic and regulatory policy can limit it. It will be relevant to researchers and policymakers interested in economic policy and regulatory reform.