The financial instability and its spillover to the real sector have become a great challenge to macro-economic theory. The book takes a Keynesian theoretical perspective, representing an attempt to revive what Keynes stressed in his General Theory, namely the role of the financial market in macroeconomic outcomes. Although this book is inspired and motivated by the Asian currency and financial crises in the years 1997-8 and the experiences of the currently evolving U.S. financial disruptions, it also focuses on reviving a modeling tradition that provides a theoretical framework that throws light on recent financial market episodes and disturbances and their macroeconomic effects. It brings to the forefront, as Keynes has suggested, the role of financial market stability for growth and macroeconomics. It criticizes theories that see economic disruptions and shocks rooted solely in the real side of the economy. It stresses the financial real interaction as the major source for macroeconomic instability and disruptions. This important new book from a group of Keynesian, but nonetheless technically oriented economists would be of most interest to specialists and graduate students in macroeconomics and financial economics, especially those with an interest in US and European financial markets, emerging market analysis, and dynamic economic modeling.

Measuring quality of life has been identified as fundamental in assessing the relative progress of societies and as having relevance for both monitoring and policy-making purposes. Self-reported measures of well-being, referred to as subjective well-being, have become increasingly topical given the growing awareness of the limitations of existing measures of well-being including gross domestic product (GDP). In the UK, the ONS's 'Happiness Index' was launched in 2010 by Prime Minister David Cameron. This book aims to improve our understanding of well-being through an analysis of time-use in a post-industrial society, the UK, drawing on empirical data from large-scale surveys such as Understanding Society and smaller-scale case study evidence. It uses a plurality of theoretical perspectives to explore the relationship between our use of time and our reported levels of satisfaction, and considers the policy lessons that we can take from our organization of time.

Same-sex marriage is now legal in twenty-nine countries and the subject of continued debate around the world. The Political Economy of Same-Sex Marriage: A Feminist Critique considers this debate from a political economy perspective. Rather than engaging directly in the now well-rehearsed social-movement and academic for-and-against debates, this book focuses on processes of institutionalization of same-sex marriage and so-called "rainbow families" within (neo)liberal capitalist democracies. It examines how states and markets appropriate same-sex marriage and family to enhance their own political and symbolic capital, consolidating power and profit within existing systems of gendered and raced socioeconomic stratification. Taking a radical feminist, heterodox, qualitative and intersectional approach, this book investigates the political economy of same-sex marriage across three axes: same-sex marriage as institution; same-sex marriage and the market; and the political economy of the "rainbow family". The examination of case studies from different countries and regions enables a comparative analysis that foregrounds cultural, political and economic path dependencies while at the same time highlighting a number of striking commonalities. In all the countries discussed in this book and in most respects, same-sex marriage has been integrated almost seamlessly into a mainstream/malestream political economy of marriage and family and its translation into added market and productive value. The Political Economy of Same-Sex Marriage: A Feminist Critique will be of use to researchers and students alike, and indeed to all those who are curious about the mainstreaming of homosexuality within twenty-first-century capitalist democracies.

This 1998 book addresses deregulatory policies that threaten to reduce or destroy the value of private property in network industries without any accompanying payment of just compensation, policies that are termed 'deregulatory takings'. The authors further consider the problem of renegotiation of the regulatory contract, which changes the terms and conditions of operation of utility companies. They argue that constitutional protections of private property from takings, as well as efficient remedies for contractual breach, provide the proper foundation for the competitive transformation of the network industries. The benefits of competition do not stem from government regulations that redistribute income from utility investors to customers, nor do such benefits stem from regulatory policies for network access that promote free riding on incumbent facilities by entrants. Such actions represent a new version of increased regulation, not deregulation.

In today's South, urban centers are prospering while many rural communities and areas with high proportions of black residents have fallen behind. This comprehensive volume takes a hard look at the problem. The author examines the patterns of prosperity and poverty in the South from the 1950s through the present, focusing mainly on the period after 1970. The rural populations have an abundance of people with few skills, little education, and little hope of entering the economic mainstream of American society. They are not in line for the promise of the urban new South which has been enveloped in an industrial renaissance. A wide range of federal, state, and local data has been used in this study. It explores changes in social and economic well-being and opportunity across labor market groups. Race and sex subpopulations are given particular attention.

"Two Sides to the Sunbelt" begins with a look at how the present situation came into being. Such issues as economic stagnation and the serious problems of health, education, and welfare are addressed. The industrial and occupational climate today is examined next. The author closely ties issues on economic development to social justice as he concludes his study of this unbalanced situation.

'It provides the best complete discussion I know of the economics of repressed inflation' F.W. Paish.
The Economics of Repressed Inflation is a micro-economic analysis of the effects of a partially controlled inflation in a peacetime economy. This analysis suggests that the combination of inflationary pressures and the control of consumption has economic effects on the price level and on the distribution of resources which may be as serious for the economy as the more widely recognized effects of an uncontrolled inflation.

The Dynamics of Industrial Competition describes the internal dynamics of industries using new and unique longitudinal data that make it possible to track firms over time. It provides a comprehensive picture of a number of aspects of firm turnover in North America that arise from the competitive process - the entry and the exit of firms, the growth and the decline of incumbent firms, and the merger process. Instantaneous and cumulative measures of market dynamics are provided. Since the forces contributing to competition are varied and industries are affected by heterogeneous forces, different aspects of firm turnover are considered in order to provide a comprehensive overview of the competitive process. Entry is divided into that portion coming from the creation of new plants and that portion arising from the acquisition of existing firms. Differences are drawn between the effects of related and unrelated acquisitions and between the effects of take-overs made by domestic and foreign firms. Differences between large- and small-firm activity are also investigated. The effects of turnover on productivity, efficiency, wage rates, and profitability are extensively model led. Using various measures of firm turnover to proxy the amount of competition, the study examines and contextualizes the relationship between industry performance and the intensity of the competitive process.

The goal of "Global Price Fixing" is to describe andanalyze the origins, operation, and impacts of global cartels in themarkets for lysine, citric acid, and vitamins. The work isfundamentally a historical approach to understanding the interplayamong personal motivations, economic forces, and the enforcement ofthe competition laws of the major industrial nations.The first chapter highlights the renewed importance of internationalprice-fixing conspiracies after an absence of nearly 50 years. Twofollowing chapters provide background on the economics theory andlegal principles relevant to understanding cartels. Nine followingchapters comprise the economic core of this book. Three chapters aredevoted to each of the three cartels selected for intensive study: citric acid, lysine, and vitamins. The next four chapters thenconcentrate on the legal fallout from the discovery of the threecartels by the world's antitrust authorities. Chapter 17 provides adescription of a few additional selected cartels with features notfound in the lysine, citric acid, and vitamins cases. The penultimatechapter considers whether the antitrust resources of governmentagencies and private plaintiffs are sufficient to deter global pricefixing in the foreseeable future. This final chapter attempts toidentify major themes that appear throughout the book and to provide asummary of the ultimate impact of the global-cartel pandemic of the1990s.

Investment is the engine of growth. In consequence, the social welfare of the populace depends on the expectations of uncertain profitability as understood by the agents of a wealthy few who decide upon levels of investment. As private wealth is intimately tied to the investment process, the importance of wealth concentration goes far beyond considerations of equity. In recent years, private economic power has become increasingly concentrated as more of the population has become dependent upon an elite pursuing private ends. In this context, this book examines the role of capital accumulation in various historical contexts. Over seventy years ago, Michal Kalecki derived the mathematical relationship between government deficits, the external trade account and free cash-defined as the gross profit over and above that portion ploughed back into new investment. Since then, the free cash literature has remained largely within an industrial organizational context where free cash theory has helped to explain mergers. In contrast, this book, revisits Kalecki's free cash construction at the macro and global level and explores the various causes and effects of free cash on the economy. As part of this examination, the author highlights the historical uses of free cash in imperialist adventures, mergers and speculative endeavours. In addition to developing a new relative valuation measure of capital accumulation, he also utilizes a neo-Kaleckian model to help explain the U.S. slowdown in investment since the late 1960s, the increasing inequality of wealth and income and the recent speculative episodes associated with the spillage of free cash. Finally, based on these models the book argues for heightened taxes on the wealthy and an increased role for government investment in health care and energy. Free Cash, Capital Accumulation and Inequality offers an explanation as to how wealth and income inequalities have fashioned, and been fashioned by, various historical episodes right up to the present. It will be of great interest to those studying and researching in the field of economic analysis.

The highly praised Western, The Good, the Bad, and the Ugly, has been used in many game-theory courses over the years and has also found its way into leading journals of this field. Using the rich material offered by this movie, alongside other elements from popular culture, literature and history, this book furthers this exploration into a fascinating area of economics. In his series of Schumpeter lectures, Manfred J. Holler uses his analysis of Sergio Leone's movie as a starting point to argue that combinations of desires, secrets and second-mover advantages trigger conflicts but also allow for conflict resolution. Many people and organizations have a desire for secrecy, and this is often motivated by a desire to create a second-mover advantage, and by undercutting the second-mover advantage of others. This book demonstrates that the interaction of these three ingredients account for a large share of social problems and failures in politics and business but, somewhat paradoxically, can also help to overcome some of the problems that result by applying one or two of them in isolation. This book has been written for curious readers who want to see the world from a different perspective and who like simple mathematics alongside story telling. Its accessible approach means that it will be of use to students and academics alike, especially all those interested in decision making, game theory, and market entry.

One of the most exciting recent innovations in the social sciences has been the emergence of behaviour economics', which extends the notion of rational choice to allow for both motivation beyond self-interest and intuitions that cannot be reduced to the logic of a situation. This new book by Howard Margolis demonstrates how an account of widely-discussed topics, from tipping points in social choice to cognitive illusions and experimental anomalies, can be brought within a coherent framework.

Starting from Darwin's own comments on the origins of moral concerns and from a review of notorious cognitive illusions, Margolis shows how rational choice theory can be extended to incorporate social as well as self-interested motivation, but allowing for the cognitive complications that can be expected in domains well-outside familiar experience. This yields a coherent account of many otherwise mystifying results from cooperation experiments. A concluding chapter illustrates how the argument can be applied to the salient empirical topic of jihadist terrorism.

This book will be of great interest not only to students and researchers in behavioural and experimental economics but across the social sciences.

One of the most exciting recent innovations in the social sciences has been the emergence of behaviour economics', which extends the notion of rational choice to allow for both motivation beyond self-interest and intuitions that cannot be reduced to the logic of a situation. This new book by Howard Margolis demonstrates how an account of widely-discussed topics, from tipping points in social choice to cognitive illusions and experimental anomalies, can be brought within a coherent framework.

Starting from Darwin's own comments on the origins of moral concerns and from a review of notorious cognitive illusions, Margolis shows how rational choice theory can be extended to incorporate social as well as self-interested motivation, but allowing for the cognitive complications that can be expected in domains well-outside familiar experience. This yields a coherent account of many otherwise mystifying results from cooperation experiments. A concluding chapter illustrates how the argument can be applied to the salient empirical topic of jihadist terrorism.

This book will be of great interest not only to students and researchers in behavioural and experimental economics but across the social sciences.

Provides an up-to-date synthesis of the many strands of distributional analysis used in the fields of social policy, welfare theory and public finance. Develops a consistent mathematical approach into a self-contained and unified treatment of the distribution and redistribution of income. Thoroughly updated edition of a well adopted textbook. Substantially enhanced by the inclusion of two new chapters on Poverty and Horizontal Inequity (unfairness in income taxes) - issues of popular interest in which there has been a great deal of recent theoretical research. A reference and resource work spanning several areas of economics not drawn together elsewhere. -- .

Using Microsoft Excel, the market leading spreadsheet package, this book combines theory with modelling aspects and spreadsheet analysis. Microeconomics Using Excel provides students with the tools with which to better understand microeconomic analysis. It focuses on solving microeconomic problems by integrating economic theory, policy analysis and spreadsheet modelling. This unique approach facilitates a more comprehensive understanding of the link between theory and problem solving. It is divided into four core parts: analysis of price policies analysis of structural policies multi-market models budget policy and priority settings. The theory behind each problem is explained and each model is solved using Excel. Microeconomics using Excel will be of great interest to students studying economics as well as to professionals in economic and policy analysis. Publisher's Note The publisher has gone to great lengths to ensure the quality of this book but regrets to inform the customer that previously available online resources are no longer available with this title.

This new text book by Urs Birchler and Monika Butler is an introduction to the study of how information affects economic relations. The authors provide a narrative treatment of the more formal concepts of Information Economics, using easy to understand and lively illustrations from film and literature and nutshell examples.
The book first covers the economics of information in a 'man versus nature' context, explaining basic concepts like rational updating or the value of information. Then in a 'man versus man' setting, Birchler and Butler describe strategic issues in the use of information: the make-buy-or-copy decision, the working and failure of markets and the important role of outguessing each other in a macroeconomic context. It closes with a 'man versus himself' perspective, focusing on information management within the individual.

This book also comes with a supporting website (www.alicebob.info), maintained by the authors.

The Microfinance revolution is usually considered to have been led by the NGOs, donor agencies, and more recently banks who offer poor people financial services. But what can we learn from the ways that poor people already manage their money? What are the essential elements that they prize so much that they are willing to pay high interest rates to money lenders, or spend time and energy setting up elaborate savings clubs? The poor and their money emphasizes the pivotal role of savings in the lives of the poor, and in so doing overturns the common misconception that they are 'too poor to save'. Building on the huge acclaim that followed its first publication, the second edition of The Poor and Their Money brings readers up to date with microfinance developments in the twenty first century, including India's self-help group movement, village banks, and microfinance on Wall Street. It also describes the most detailed accounts to date of poor people's day-to-day financial strategies - their financial diaries. The book's clarity and avoidance of jargon make it appealing not only to microfinance students and practitioners, but to general readers as well.

Competition Policy in East Asia clarifies the key issues and provides a framework for understanding competition policy, looking in-depth at a number of regulated sectors for additional perspectives.
Until two or three decades ago, competition and consumer protection policies were the preserve of the major developed economies like the United States, the United Kingdom and some European countries. Now competition issues are at the top of the international agenda as globalization spreads and as the operations of the World Trade Organization, the World Bank, the Asia Pacific Economic Cooperation forum and other organizations have brought about a realization that regulatory reform - and in many economies the creation for the first time of regulatory instruments for competition and consumer protection - is an imperative.

Throughout the history of economic thought, the entrepreneur a wide variety of roles. Once cast as a fundamental agent in production, distribution and growth theories, he has now surprisingly disappeared from economic theory.

This volume accounts for this disappearance, exploring how and why such a fundamental explanatory variable disappeared from economic theory. Barreto provides a concise review and classification of the many entrepreneurial theories put forward throughout the history of economic thought. The author illustrates that the decline of the entrepreneur in economic theory coincides with the rise of the firm as an organizing principle and considers how the replacement of the human element with a mechanistic one has led to disenchantment with microeconomic theory.

This fascinating book will interest economists from a range of disciplines including the history of economic thought, microeconomics and entrepreneurship.

Now in its fifth edition, Economic Approaches to Organisations remains one of the few texts to emphasize the importance of economic issues and developments in the study of organisations and management. It explains in a non-technical way different economic approaches such as behavioural theory of the firm, game theory, agency theory, transaction cost economics, economics of strategy and evolutionary approaches. This latest edition is packed with practical examples from real-world companies, helping you to understand how the concepts relate to economic and organizational problems happening in the world today.

This is a new kind of textbook in microeconomic theory. In place of the usual concentration on partial equilibrium analysis and discussion of a standard series of topics, the authors seek to introduce the student from the start to the general equilibrium approach to microeconomics, in the form of the two-sector model. This model is then applied to a variety of subjects in different special fields of economic analysis: welfare economics, international trade, public finance and income distribution. This book represents a very different approach to the teaching of micro-economic theory than normally followed, and one that will be of greater long-run value to the serious student of economics. In place of the usual textbook development of the subject as traditionally conceived through topics of increasing complexity and analytical difficulty, using partial equilibrium techniques of analysis, the book concentrates on the exposition and application of a more logically integrated set of tools that have been found of greater use in the analysis of problems arising not only in traditional micro-economics but also in a number of fields of economics that have customarily been hived off into separate specialized advanced courses. "General Equilibrium Analysis" starts with the description of the two-sector model and how these two sectors are built based on the individual micro-units in which they made up of and how they fit into the concept of the circular flow of income. Subsequent chapters deal with the evaluation of changes in factor endowment, demand preferences and technical progress by means of the model; and the theory of government, which includes both the theory of government expenditure, or public goods, and the theory of government tax and/or subsidy programmes-changes in budgetary scale, tax substitution and expenditure substitution. The model is then extended to an open economy-the so-called "two by two by two"--to consider both the normative effect of international trade and the possible determinants of international trade, with special attention being given to the relationship between commodity trade and factor mobility. Lastly this model is opened into a dynamic model of growth with its emphasis on requirements for the economy to maximize consumption per head on its long-run equilibrium growth path, and the effect of international trade on the growth path itself. "Harry G. Johnson" was Professor of Economics at both the London School of Economics and the University of Chicago. He has been editor of "The Manchester School and the Journal of Political Economy" and has served on the research staff of the Royal Commission on Banking and Finance, as a Consultant to the Board of Governors of the Federal Reserve System and as a Member of the Review Committee on Balance of Payments Statistics. Melvyn B. Krauss is William L. Clayton Senior Fellow, at the Hoover Institution. His current research focuses on the topics of foreign trade policy, regional economics and the relationship between free trade and the welfare state Both have published numerous journal articles applying general equilibrium analysis of the type deployed here to international trade, public finance and related fields.

Milton Friedman and George J. Stigler shaped economics as we know it today a " their Chicago School laid the groundwork for much of the neoclassical tradition in economic analysis. This book brings together a collection of letters from these two Noble laureates from the post-war years, containing new information about their personal and professional relationships, and also illuminating the development of ideas which are now fundamental to economic theory.

The book, expertly edited by Dan and Claire Hammond, contains an introductory chapter, chronologies for Friedman and Stigler, and transcripts of sixty eight letters written from 1945 to 1957 along with enclosures.

This book contains a concise, simple, yet precise discussion of externalities, public goods and insurance. Rooted in the first fundamental theorem of welfare economics and in noncooperative equilibrium, it employs elementary calculus. The book presents established theory in novel ways, and offers the tools for the application of the social welfare criteria of efficiency and equity to environmental economics, networks, bargaining, political economy, and the pricing of public goods and public utilities.This innovative, user-friendly textbook will be of use over a broad range of disciplines. The applications found here include international global-warming issues (North vs. South model), and bargaining over externalities (Coase's theorem). This text also introduces the Wicksell-Lindahl model in its original form, which depicts the parliamentary negotiation between representative parties and provides an effective introduction to political economy. Later, these ideas are applied to the pricing of an excludable public good, revealing the theoretical connection between public utility pricing and the pricing of excludable public goods. The text integrates three forms of discourse: verbal, graphical, and formal. Elementary calculus is frequently used, allowing for clarity and precision; qualities that are often missing in conventional textbooks. The main text considers a finite number of consumers and appendices cover the continuum mathematical model, which is implicit in the references to the 'marginal consumer' found in traditional texts. The analysis found in Public Microeconomics is simple and operational, conducive to computationally easy examples and exercises. This textbook is ideally suited to graduate and upper-level undergraduate courses in economics, political science, policy and philosophy. Contents: Preface Foreword to Students 1. Introduction 2. Private Goods Without Externalities 3. Externalities 4. Public Goods 5. Public Utilities 6. Uncertainty and Asymmetrical Information Index

The Beatles are considered the most influential popular music act of the twentieth century, widely recognized for their influence on popular culture. The inability of other bands and artists to imitate their fame has prompted questions such as: How did the Beatles become so successful? What factors contributed to their success? Why did they break up? The Beatles and Economics: Entrepreneurship, Innovation, and the Making of a Cultural Revolution answers these questions using the lens of economic analysis. Economics provides the prism for explaining why their success-while legendary in scale-is not mythic. This book explores how the band's commercial achievements were intimately tied to the larger context of economic globalization and rebuilding post-World War II. It examines how the Beatles' time in Hamburg is best understood as an investment in human capital, and why the entrepreneurial growth mindset was critical to establishing a scalable market niche and sustaining the Beatles' ability to lead and shape emerging markets in entertainment and popular music. Later chapters consider how the economics of decision making and organizational theory helps us to understand the band's break-up at its economic peak. This essential text is of interest to anyone interested in the economic dynamics and social forces that shape cultural change.