In 1977 Brazil initiated the "market reserve policy" to protect and reserve its domestic market for its own computer manufacturing companies. The basic assumptions on which its plans rested were fatally flawed, however, and the experiment failed to a large degree. This work investigates to what extent the policy, so carefully fashioned, fell short of its target and left Brazil with expensive and poorly made products. The author also evaluated the important and influential role of Brazil's bureaucracy and military. Scholars of economic development, industrial organization, economic history, and technology should find this well-documented work valuable.

Productivity Change, Public Goods and Transaction Costs presents in one definitive volume a selection of Yoram Barzel's acclaimed articles and papers. It will improve access to his many important contributions and reveals how his research interests have evolved over more than three decades. Focusing upon issues in microeconomics, this volume features pathbreaking articles and papers on production functions and productivity, optimal timing, labour, public choice, industrial organization, demand analysis, and property rights and transaction costs. Key contributions featured in this collection include 'Some Observations on the Index Number Problem', 'An Alternative Approach to the Analysis of Taxation', 'An Economic Analysis of Slavery' and 'Measurement Cost and the Organization of Markets'. As an introduction to this volume, Professor Barzel has prepared an autobiographical sketch in which he discusses his education, the development of his ideas and influences such as Don Patinkin, Douglass North and Aaron Director.

Price and Markup Behaviour in Manufacturing examines the role that cost, competing domestic and foreign prices, domestic demand and market structure play in determining the price and markup of manufacturing firms across a range of countries and industries. Michael Olive models imperfectly competitive behaviour at the firm level, establishing logical relationships between these variables. Aggregating these relationships gives predictions for price and markup at the industry level. Empirical analysis is carried out by estimating a pricing equation for 11 industrialised countries in Asia, Europe and North America, and for 24 International Standard Industrial Classification industries from 1970 to 1991. The results exhibit a pattern of incomplete pass-through from competing foreign price into industry price and markups that are not fixed. The author illustrates that for higher levels of industry concentration cost becomes less influential in determining industry price, while the opposite is true for competing domestic and foreign prices. This comprehensive and thorough examination of the literature on pricing, the innovative model development and the comparative analysis in this study will be of great interest to government policymakers and academics wanting to keep abreast of new developments in the area of pricing and markup.

This book attempts to explain the changes in specifiC macroeconomic vari- ables-such as the relative share oflabor, the profIt rate, and the real wage rate in advanced capitalist economies-in relation to the influence of the business cycle in income distribution. In the pursuit of this inquiry, I fIrSt establish some stylized facts that I wish to investigate. The three countries discussed here-the United Kingdom, the United States, and Japan-are observed over a period of twenty-two years beginning in 1970, which covers at least three business cycles. This study makes several assumptions. First, there is no common feature on whether labor share moves countercyclically or procyclically; however, labor share increases in the fIrst year of contraction and decreases in the fIrst year of expansion, though there are some exceptions. Second, the profIt rate moves pro cyclically . Third, labor productivity moves pro cyclically and shows a symmetrical change; productivity sharply increases in the fIrSt year of expansion in terms of the growth rate and decreases in the fIrst year of con- traction. Fourth, the real wage rate has no common feature. Finally, labor shares with and without "labor income of self-employment" imputed from self-employment income are almost parallel (except for Japan), and their move- ments are also similar, though they move differently for some years. To explain these facts, I examine three types of model (or theory)-Kaldorian theory, real-business-cycle theory, and new Keynesian theory-but the focus is on Kaldor's approach-hence, the book's subtitle, A Kaldorian Analysis.

This book takes readers on a unique journey across some of the most debated implications of the rise of the Chinese economy on the global scene. From the analysis, suggestions emerge on how to improve statistical tools to measure performance and to obtain more precise macroeconomic forecasts. Moreover, it confirms the suspicion that a governance model of firms that does not sufficiently encourage market competition may have significant costs in terms ofefficiency for the Chinese production system. The analysis of demographic factors and of household savings gives further support to calls for a serious reform effort, particularly of the pension and health care systems, to utilize households' savings more efficiently and equitably. Finally the analyses of Chinese and global trade underscore the need for a less superficial consideration of the implications of the Chinese presence in global markets.
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This text focuses on two key components of microeconomics - optimization subject to constraints and the development of comparative statics. It assumes familiarity with calculus of one variable and basic linear algebra, allowing more extensive coverage of additional topics like constrained optimization, the chain rule, Taylor's theorem, line integrals and dynamic programming. The book contains numerous examples that illustrate economics and mathematical situations, many with complete solutions.;"Mathematics for Economists" provides a collection of topics to complement first semester PhD microeconomics course. It contains the mathematical material necessary as background for topics covered in graduate level microeconomics courses.

The actual organization and use of information systems in American, European and Japanese firms are investigated and compared with theoretical conclusions. Finally, following the experimental evolution of the information products over the past twenty years, the results presented indicate that information and communication firms are now starting to offer the kind of business information systems predicted by the analysis. The transformation of business information systems technology can be followed in the Chronicle, which is provided on diskette and which covers the development of modern IT and telecommunications industries. The data are arranged to allow researchers to reconfigure the data according to their own needs.

An understanding of price structures and their impact on trade, productivity, and other related factors will aid in formulation of price policies promoting economic growth and development. Price formulation issues are examined within the context of nonmarket and imperfect market conditions, providing insightful linking of exchange rates and domestic prices to a wide array of factors that determine economic growth. Different facets of primary commodity price formation are explored, arriving at such conclusions as the fact that the dramatic rise in oil prices during the 1970s had little to do with the Latin American debt crisis or with the world recession that followed. Some new techniques for analysis are used, and commonly used techniques in price comparison studies are discussed.

This important new book deals with some of the most fundamental issues of transaction cost economics. It focuses on the analysis of the internal nature and characteristics of organizations and on the subtle interactions between institutional environment and governance structures over time.Transaction Cost Economics investigates the nature of contractual arrangements involved in large organizations, the 'configurations' of corporations, the modes of governance implemented, and the respective role of different constituencies. The second series of problems addressed in the book concerns the interaction between the institutional environment and governance structures over time, with special emphasis on the Russian privatization programme and the narcotics market. These twin analyses substantiate the distinction between private and public ordering. The book is strongly oriented towards increasing the operationalization of the concepts of transaction cost economics. The book will be essential reading for everyone interested in the new institutional economics and by recent developments in the theory of contracts, in transaction costs economics and in organisation theory. Because of its emphasis on potential applications, it will also be of interest to readers from management science and those involved in the analysis of economies in transition.

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

The class is theory of price regulation assumed that the regulator knows the fIrm's costs, the key piece of information that enables regulators to pressure fmns to choose appropriate behaviors. The "regulatory problem" was reduced to a mere pricing problem: the regulator's goal was to align price with marginal cost, subject to the constraint that revenues must cover costs. Elegant and important insights ensued. The most important was that regulation was inevitably a struggle to achieve second-best outcomes. (Ramsey pricing was a splendid example. ) Reality proved harsh to regulatory theory. The fmn's costs are by no means known to the regulator. At best, the regulator may know how much is currently spent to provide services, but hardly what costs would be if the fmn vigorously pursued effIciency. Even if the current cost curve were known to the regulator, technologies change so swiftly that today's costs are a very poor indicator of tomorrow's, and those are the costs that will determine the fIrm's future decisions. With the burgeoning attention to information considerations and game theory in economics, the regulator's problem of eliciting host information about cost has received considerable attention. In most cases, however, it has been in context that are both static and stylized; such analyses rarely capture many of the essential elements of real world regulatory issues. This volume represents a fresh approach. It reflects Glenn Blackmon's twin strengths, a keen analytic mind and important experience in the regulatory arena.

This book combines both a comprehensive analytical framework and economic statistics that enable business decision makers to anticipate developing economic trends. The author blends recent and historical economic data with economic theory to provide important benchmarks or rules of thumb that give both economists and noneconomists enhanced understanding of unfolding economic data and their interrelationships. Through the matrix system, a disciplined approach is described for integrating readily available economic data into a comprehensive analysis without complex formulas. The extensive appendix of monthly key economic factors for 1978-1991 makes this an important reference source for economic and financial trend analysis.

A new and practical method for economic trend analysis is introduced that provides more advanced knowledge than available from economic newsletters. Schaeffer begins with a general description of the business cycle and the typical behavior and effect of the credit markets, commercial banks, and the Federal Reserve. Next, fourteen key economic factors regularly reported by the business press are described, such as the capacity utilization rate and yield on three-month Treasury bills. Benchmarks for each of these key economic factors are set forth, together with an insightful discussion of the interrelationships indicating economic trends. A detailed discussion of the 1978-1991 American economy, incorporating monthly data from the historical matrix, demonstrates the practical application of the matrix system. Executives, investors, financial officers, and government policymakers will find this book useful in decision making.

"Economics at the Wheel" is about cars and driving, and all the problems that cars and drivers create for America. It explains actual government policy intended to reduce the damage cars and drivers do to us, and it explains why these government policies are almost all failures because they attack the wrong problem or attack it in the wrong way. The reader will come away with a much fuller understanding of air pollution, global warming, highway safety, auto insurance, gasoline taxation, rush-hour congestion, leaking underground storage tanks, and many other auto-related issues. It looks at common actions and circumstances from an economics perspective. It is readable with accessible prose style and few footnotes. It includes questions to provoke student thinking and boxed sections of side materials to stimulate discussions.

Providing overviews and case studies of states and sectors, classes and companies in the new international division of labour, this series treats polity-economy dialectics at global, regional and national levels. This volume in the series looks at the complexities of structural adjustment in Africa. Structural adjustment programs in Africa are as widespread as they are controversial. This book examines the complex economic and political nature of these programs and seeks to make them intelligible to the non-expert. It analyzes, in a concise accessible manner, the impact of specific policy measures designed to achieve structural adjustment, such as devaluation, price liberalization, fiscal restraint and privatization. It critically evaluates the past experience of countries implementing these policies and assesses the likelihood of such policies providing sustainable long-term economic solutions to the African crisis. Particular attention is paid to whether orthodox approaches to adjustment, as imposed by the IMF and World Bank as conditionality for their loans, can generate the broad political consensus required for long-term growth and stability in Africa.

The Telecommunications Act of 1996 envisioned a competitive free-for-all in the U.S. telecommunications industry with removal of barriers to entry in local telecommunications markets and the lifting of the artificial restrictions that kept the Regional Bell Operating Companies (RBOCs) out of the interLATA long-distance market. After close to 5 years, only one RBOC has been granted permission (controversially) to enter the interLATA market, and local competition has yet to provide most consumers with meaningful choices. In addition, the wave of mergers across the industry has raised the specter of putting the former Bell System back together again. Policymakers now openly question whether the Act can deliver what it promised. Three principal themes are developed in this book. First, there has been a coordination failure between Congress and the FCC in translating the principles embodied in the Act into practice. The authors provide evidence for this by analyzing stock market reactions to legislative and regulatory actions. This coordination failure was largely predictable, given the ambiguity in the Act, as well as conflicting jurisdictions between the FCC and the states. Second, the Act calls for wholesale prices to be based on cost.' Regulators adopted a costing standard (TELRIC) that provides a means to subsidize competitive entry in local telephone service markets. The ready adoption of the TELRIC standard by regulators is shown to be tied to the third theme: price cap regulation provides regulators with insurance' against the adverse effects of competition in local telephone markets. Statistical analysis reveals that regulators in price cap states set uniformly lower unbundled network element prices (lower barriers to entry) in comparison with regulators in rate-of-return and earnings sharing states. The result is a triumph of regulatory processes over market processes - the antithesis of the purpose of the Act.

For Principles of Microeconomics courses at two- and four-year colleges and universities Reveal the relevance of economics through real-world business examples One of the challenges of teaching Principles of Microeconomics is fostering interest in concepts that may not seem applicable to students' lives. Microeconomics, Fifth Edition makes economics relevant by demonstrating how real businesses use economics to make decisions every day. Regardless of their future career path-opening an art studio, trading on Wall Street, or bartending at the local pub-students will benefit from understanding the economic forces behind their work. This program provides a better teaching and learning experience-for you and your students. It will help you to: * Personalize learning with MyEconLab: This online homework, tutorial, and assessment program fosters learning and provides tools that help instructors to keep students on track. * Show students how economics is relevant: Relatable features ground course material in the real world, showing students how these ideas are relevant and facilitating understanding. * Foster thorough understanding via a flexible, student-focused approach: An engaging, captivating writing style and student-friendly learning aids motivate and engage students. Please note that the product you are purchasing does not include MyEconLab. MyEconLab Join over 11 million students benefiting from Pearson MyLabs. This title can be supported by MyEconLab, an online homework and tutorial system designed to test and build your understanding. Would you like to use the power of MyEconLab to accelerate your learning? You need both an access card and a course ID to access MyEconLab. These are the steps you need to take: 1. Make sure that your lecturer is already using the system Ask your lecturer before purchasing a MyLab product as you will need a course ID from them before you can gain access to the system. 2. Check whether an access card has been included with the book at a reduced cost If it has, it will be on the inside back cover of the book. 3. If you have a course ID but no access code, you can benefit from MyEconLab at a reduced price by purchasing a pack containing a copy of the book and an access code for MyEconLab (ISBN:9781292059785) 4. If your lecturer is using the MyLab and you would like to purchase the product... Go to www.myeconlab.com to buy access to this interactive study programme. For educator access, contact your Pearson representative. To find out who your Pearson representative is, visit www.pearsoned.co.uk/replocator

The internet and the electronic economy are a technological revolution whose secular importance is apparent. The internet eliminates the temporal and spatial constraints on the exchange of information. It changes deeply the world of production and of labour. It transforms the exchange relationships between producers and consumers as well as between the suppliers within the supply-chain. The electronic economy is able to generate more accurate con sumer profiles and, therefore, a more powerful and effective marketing di rected to the individual consumer. There is no industry that is not undergoing thorough changes caused by the internet. The volume at hand gives an analysis of the internet revolution. It covers questions reaching form the highly controversial thesis of the end of property rights in the internet caused by the non-rivalry of the "consumption" of in formation to questions regarding the repercussions of the internet on our understanding of the human person. Technological changes like the introduction of the electronic economy pose the question of how to handle it and how to manage reasonably its ethi cal problems and dilemmas. The ethical problems and the business ethics of the electronic economy in the fields of production and labour, of consump tion, and in handling trust and the abuse of trust are analysed by the contribu tions from applied ethics and business ethics."

An important new resource for managers in marketing, finance, acquisitions analysis, and strategic planning, this book explores a question central to the financial health of every company: Is there a rate of corporate growth that is both desirable and sustainable? As the authors point out, excessive growth in sales can be as destructive to the survival of a firm as no growth. Here they present analytical models and tools that enable corporate planners to evaluate their own growth needs, target realistic expectations, and assess the collateral risks of growing either too fast or too slow.

Focusing throughout on the concept of managed growth, the authors begin with a theoretical micro/macroeconomic analysis and proceed to a practical, applied presentation of growth theory in management decision making. They present models useful for both short- and long-term management, all of them illustrated with concrete data taken from corporate annual reports and SEC 10K reports. By employing these models, planners will be able to accurately forecast optimal and feasible growth rates, evaluate the impact of price fluctuations on the sustainable growth rate, isolate the effects of productivity trends, plan working capital requirements, determine the most favorable capital structure of the firm, and measure the impact of potential mergers or takeovers on sustainable growth. Each of the models can easily be programmed for computer usage. The authors also pay considerable attention to remedial actions that can be taken when the actual growth rate either exceeds or falls short of the sustainable growth rate, making this an especially practical tool for anyone charged with financial, sales, and strategic planning responsibilities.

? In his "Prime ricerche sulla rivoluzione dei prezzi in Firenze" (1939), Giuseppe Parenti, by Fernand Braudel regarded as an author who "se classait, d'entree de jeu et sans discussion possible, a la hauteur meme d'Earl Jefferson Hamilton. . . . " begins his opening lines with a description/de?nition of the price revolution which took place in the XVI in Europe as "that extraordinary enhancement of all things that occurred in European countries around the second half of the XVI; revolution in the true meaning of the word, as not only, like any strong price increase, it modi?ed the wealth distribution process and changed the relative position of the various social categories and of the different functions of the economic activity, but affected too, in a way that was not enough studied yet, the relative evolution of the various national economies, and ?nally, . . . . . . . . . ., certainly contributed to the birth, or at least to the dissemination, of the new naturalistic economic ideas, from which the economic science would have sprung." De?nition that can be taken as the founding metaphor of this volume."