This major new book provides an accessible and innovative introduction to general equilibrium analysis and associated welfare economics. In this distinct and refreshing treatment, John Creedy develops a simple two sector model using only diagrams and simple mathematics to ensure that this treatment will be accessible to students.The analysis of exchange and the gains from trade in the context of price taking behaviour are the subject of the first part of the book. Special attention is given to general equilibrium supply and demand curves and, in contrast with partial equilibrium treatments, the possibility of multiple equilibria. Trading at disequilibrium prices, the influence of the numbers of traders and bargaining solutions are then discussed before production is added to the analysis and the two sector model constructed. General Equilibrium and Welfare will be welcomed for its accessible introduction to General Equilibrium analysis and for the strong emphasis it places on exchange, which is closely in line with the work of early neoclassical writers such as Jevons, Walras, Edgeworth and Wicksell.

Since the global financial crisis of 2008-2009, there has been a growing interest among policy makers towards the more active role of the state in the enterprise sector. This book provides valuable insight into the changing role of state-owned enterprises in economic policy, a topic at the cross section of several interrelated, but usually independent research streams first of all transition research, varieties of capitalism literature, public choice approach and institutionalism studies. With the existing literature on state ownership concentrating on the developed economies and on selected emerging economies, this book fills an important gap in focusing on the post-communist transition countries. The Polish experience is looked at in a comparative perspective of selected transition countries, which deserve special attention as they had to cope with a radical change of their economic policies towards the enterprise sector. This book will be valuable reading for academics in economic policy, transition economics, and institutional economics, and policy makers and practitioners in EU bodies and emerging economies.

A volume in Research in Public Management Series Editor: Lawrence R. Jones, Naval Postgraduate School A myth from the colonial period was that Americans could defend themselves by keeping a rifle in the closet and when needed, grab it, and march off to battle in times of crisis. Unfortunately, providing national defense is more complicated that that; indeed it was more complicated even during the Revolutionary war. General George Washington's struggles to form a standing army supported by workable logistics and supply processes and to get funding for both from the Revolutionary Congress are well documented. Financing national defense requires planning and resourcing in advance. Reacting at the instant of crisis is too late. Building an educated, highly trained and capable Armed Forces and the acquisition of defense weapons and weapons systems has long lead times and involves making decisions the consequences of which are likely to last for decades. These decisions include how to recruit and retain military and civilian personnel as well as designing, buying and fielding a vast array of ground weapons, ships, aircraft and other weaponry. A decision to buy a major defense weapons system for example sets in motion a chain of other decisions that will affect the U.S., its allies and enemies around the world. Implementation of such decisions is financed through the U.S. federal government and Department of Defense budget processes in a planned yet highly and pluralistic and disaggregated system for determining how to advocate, acquire and allocate scarce resources in a manner that culminates in congressional and presidential approval. In this book we examine the concepts and practices of defense financing, provide a detailed description and analysis of resource policy decision making, financial management and budget execution processes, and analyze the most significant features of the national defense and U.S. federal government resource decision and management system. The book assesses the numerous factors, including those that characterize the complex budget review and appropriation decision making dynamics of Congress, that make U.S. defense finance and budgeting different from any other system in the world. In addition, in a concluding chapter the book compares U.S. defense policy and budgeting to other nations in different regions of the globe, drawing conclusions about the effects of U.S. defense policy and defense financing abroad in regions including Europe, Russia, the Middle-East and Asia.

Was the European Union ever a liberal dream? How did the common market impact the liberalization in its member states? Has the EU fostered more or less economic freedom in the Old Continent? This book explores the intellectual and political genesis of the European Union, focusing especially on its relationship to classical liberalism. It explains how the new enthusiasm for liberalization associated with Reagan and Thatcher helped revive the European project in the 1980s, while providing some insights on the current challenges Europe is facing as a result of the financial crisis and the Covid-19 pandemic. The contributors highlight the role of liberal, pro-market ideas played in shaping the EU, the single market and the euro, and how these should be coming into play again if the European project is to be reanimated. This volume originates from a conference the Italian think tank Istituto Bruno Leoni hosted in 2019 and is dedicated to Alberto Giovannini (1955-2019). Giovannini was an influential macroeconomist and financial economist. His vast legacy of studies and ideas prompted this book in his honor, on the occasion of his untimely passing away.

Public administration is under increasing pressure to become more efficient, better geared to the demands and opinions of citizens, more open to contacts with transnational bureaucracies, and more responsive to the ideas of elected policymakers. Bureaucracy in the Modern State offers a comparative analysis of how these challenges affect public administration in France, the United States, Germany, Japan, Britain, Sweden and the developing countries of the Third World. Specialist chapters written by acknowledged experts on the public policy of each country are brought together in a comparative framework in order to assess the impact of recent changes on the relationship between policy makers and the civil service, and the organizational challenges presented by the introduction of market-based ideology. Assessing public administration from a state-society perspective, the authors focus on four basic factors which they believe determine the role of the bureaucracy in modern societies: the configuration of the state, the relationship between policymakers and the bureaucracy, the internal organizational dynamics of the bureaucracy, and the relationship between the public bureaucracy and civil society. A special analysis of the relationship between domestic and transnational bureaucracies is also included, with particular reference made to the European Union. Addressing one of the key public policy issues of our time, this book will be widely used by teachers, students and researchers who will welcome the combination of in-depth studies of selected countries, from capitalist democracies to developing countries, with an authoritative comparative analysis held together by a distinct theoretical framework.

Pieter Hennipman, the leading Dutch economist of the post-war period, made many substantial contributions to economic policy, welfare economics and, latterly, the methodology and history of economic thought during a long and distinguished career.Welfare Economics and the Theory of Economic Policy brings together a key selection of Professor Hennipman's papers - many of which have not been published in English before - which express his profound analysis of the theory of economic policy and his masterful discussion of its definition, character and scope. The pioneering work featured here developed his argument that normative economic statements and economic policies can be analysed scientifically and evaluated with the use of objective criteria. Prominent among these papers are the contributions to welfare economics and Pieter Hennipman's examination of the transition from the view that welfare was exclusively dependent on production to one which saw it as a subjective phenomenon dependent upon consumption. This volume also includes his rigorous and insightful essays on the history of the theory of welfare economics. With a thorough introduction by Donald Walker, this comprehensive volume will improve access to Professor Hennipman's outstanding contributions on the nature of the theory of economic policy as well as papers which place welfare theory in relation to other sections of economic theory in a penetrating and sophisticated manner.

This volume presents interviews that have been conducted from the 1980s to the present with important scholars of social choice and welfare theory. Starting with a brief history of social choice and welfare theory written by the book editors, it features 15 conversations with four Nobel Laureates and other key scholars in the discipline. The volume is divided into two parts. The first part presents four conversations with the founding fathers of modern social choice and welfare theory: Kenneth Arrow, John Harsanyi, Paul Samuelson, and Amartya Sen. The second part includes conversations with scholars who made important contributions to the discipline from the early 1970s onwards. This book will appeal to anyone interested in the history of economics, and the history of social choice and welfare theory in particular.

This book clarifies some misunderstandings about money by tying the concept of money to the goods and services sector of the economy. In addition, it demystifies the process of money creation on the part of central banks. The phenomenon of money is ubiquitous; it has been around for tens of thousands of years, if not longer. Indeed, no modern economy could function without money. For many, however, the concept of money remains elusive. Worse still, misinformation abounds, which leaves the uninitiated vulnerable to fraud. This lack of understanding has serious policy implications as well. When policymakers lack a firm grasp of the concept, policy is likely to be flawed and its effects are likely to be detrimental to the body politic. After providing a brief history of money, the author details the role of money in the division of labor and specialization, in economic growth, and in an interconnected world. Throughout the book, he points out the pitfalls of fallacious thinking. In recent policy debates, such thinking has led to proposals ranging from the re-institution of the gold standard to supplying limitless money as suggested by Modern Monetary Theory.

This book explores Portugal's response to the 2008 economic crisis and how the country regained the trust of the global capital markets through investor support. The experiences and successes of Portugal are compared with the other Eurozone countries, in particular Greece which had to negotiate a series of assistance programs, to highlight the strategies which helped lessen the impact of the debt crisis. This book aims to provide insight into the global investor ecosystem and to how financial globalization works in practice, illustrating how the multinational investor universe, the financial media, rating agencies, and how investment banks interact. It will be relevant to students and researchers interested in financial markets and political economy, and also financial market practicioners and policy makers.

This book is based upon a comparative public administration research project, initiated by the Hertie School of Governance (Germany) and the Bertelsmann Foundation (Germany) and supported by a network of researchers from many EU countries. It analyzes both the regimes and the practices of local fiscal regulation in 21 European countries. The book brings together key findings of this research project. The regulatory discussion is not limited to the prominent issue of fiscal rules but focuses on every component of regulation. Beyond this, the book covers affiliated topics such as the impact of regulation for local governments, evolution of regulation, administrative costs and crisis prevention. The various book chapters throughout provide a broad picture of local public finance regulation in theory and in practice, using different theoretical and national lenses for the analysis. Furthermore, the authors investigate the effects of budgetary constraints and higher-level regulatory efforts on local governments and on democracy and public services in every European country. This book fills a gap with respect to the lack of discussion on local government finance from an international, comparative perspective and, in particular, the regulation of local public finance. With its mix of authors, this book will be useful for practitioners as well as for scholars and for theory-driven research.

This book provides a comprehensive analysis of current techniques for profit shifting and tax base erosion in the area of corporate taxation and measurement. Firstly, it explains the relevance of the issue at hand - profit shifting and base erosion in the context of the 21st century. In turn, the book provides a comprehensive analysis of available techniques for the identification and measurement of profit shifting and base erosion, which adopt both the macro and micro perspective. It also provides examples from selected post-communist countries now in the EU, including the Czech Republic, Poland and Hungary. Concrete recommendations for economic policy round out the coverage.

At a time when there is growing concern in many countries over the funding of expanding public sectors, this important new book brings together leading specialists in public finance to re-examine the economics of public sector growth. Several chapters document changes in the size of the public sector over recent decades for major OECD and Third World economies. Subsequent chapters then explore prominent explanations including public choice perspectives, bureaucracy models, relative price effects and Wagner's Law, and assess their contribution to current knowledge. The book also provides a number of new case studies of specific government activities - education, health and social security.

Business decision-makers need to think bottom line--and that means after taxes.

Drawing upon more than fifty years of professional experience between them, authors and tax experts John Karayan and Charles Swenson deftly show managers how to get to the bottom line without getting bogged down in the details of taxes.

Strategic Business Tax Planning, Second Edition is the definitive handbook on business tax planning, skipping the unnecessary and minute taxation details and focusing instead on the big picture in taxes. Organized around business processes, this reader-friendly guide shows you how to optimally put tax management principles to work in your business.

Appropriate for undergraduate finance students as well as professionals, this Second Edition is updated to include the newest federal tax acts as well as a host of key cases and administrative pronouncements.

The proceedings shed light on selected topics including economic management, public administration, and green development. Featuring scholarly works from the 4th International Conference on Economic Management and Green Development (ICEMGD 2021), this volume of proceedings showcases the papers composed with regard to a diverse range of topics situated at the intersecting field of Economic Management, Public Administration and Green Development. Arising as the top concern of the global community, issues of green development impose challenges for the academia to bridge the interdisciplinary prowess in tackling the gap of knowledge within concerned fields. ICEMGD 2021 is an annual conference initiated by the year of 2017 under the goal of bringing together intellectuals from economics, business management, public administration, and otherwise related spheres for the share of research methods and theoretical breakthroughs. The aim of the proceeding volume is for the integration of social scientific research methods with research into alarming development issues. The ICEMGD 2021 seeks to promote joint initiatives among well-established fields like macro- and microeconomics, international economics, finance, agricultural economics, health economics, business management and marketing strategies, regional development studies, social governance, and sustainable development. Featuring interdisciplinary contributions, this book will be of interest to researchers, academics, professionals and policy makers in the field of economic management, public administration, and development studies.

This volume features a selection of contributions presented at the 2019 Wroclaw Conference in Finance, covering a wide range of topics in finance and financial economics, e.g. financial markets; monetary policy; corporate, personal and public finance; and risk management and insurance. Reflecting the diversity and richness of research in the field, the papers discuss both fundamental and applied finance, and offer a detailed analysis of current financial-market problems, including specifics of the Polish and Central European markets. They also examine the results of advanced financial modeling. Accordingly, the proceedings offer a valuable resource for researchers at universities and policy institutions, as well as graduate students and practitioners in economics and finance at both private and government organizations.

Figuring Out the Tax recounts the forgotten early development of the federal income tax in the US, resulting from the interplay between Congress and the Treasury Department in the decades following the enactment of the tax in 1913. It covers a wide range of topics including the income tax treatments of marriage, capital losses, charitable contributions and homeownership, as well as the rise, demise and resurrection of income tax withholding. Lawrence Zelenak deftly illustrates how the income tax achieved its current form through a range of stories which are new to tax history scholarship and involve some remarkable personalities and surprising plot twists. Although of particular interest to tax academics and professionals, this book will also serve as a useful introduction to the development of income tax for undergraduate students and law students.

Economic theorists and finance practitioners alike turn to the seminal work of Wallace E. Oates for a systematic statement of the economic principles of fiscal federalism. In this book, Professor Oates provides an overview of fiscal federalism and analyses specific problems in a selection of his most important articles and papers. This collection includes many pieces which are not readily accessible.The papers in this volume constitute a basic reference for current discussion of the evolution both of national fiscal systems and of the fiscal structure of the European Community and other supranational organizations. The range of approaches and quality of argument will ensure that the book becomes a central reference point for the continued discussion of this important topic.

This book provides a concise and pragmatic introduction to transfer pricing. Approaching the subject from an economic and business perspective, it familiarizes the reader with the basic concepts without getting sidetracked by tax law. In turn, the book draws on case studies to demonstrate the identification and application of appropriate transfer pricing methods for the most common intercompany transactions. The intuitive step-by-step guidance, together with integrated Excel-based tools, will equip the reader to ensure compliance with the arm's length principle and thus to minimize tax risk. Based on the post-BEPS OECD Guidelines, the book's content is applicable to a global context.

This book contains selected papers of the International Conference on Industrial Economics Systems and Industrial Security Engineering (IEIS 2020), which is co-organized by Beijing Jiaotong University, Budapest University of Technology and Economics, in July 25-28 2020. This book aims to provide new research methods, theories and applications from various areas of industrial economics and engineering. In detail the included scientific papers analyze and describe communication processes in the fields of industrial economics, industrial system, industrial security and engineering and other related areas. The variety of papers delivers added value for both scholars and practitioners.

This book makes an original and significant contribution to Keynesian macroeconomics. The IS-LM model is a basic workhorse of Keynesian macroeconomics. However, its financial aspects are extremely rudimentary and the link between the real and the financial sector is extremely tenuous. Hence, neither the IS-LM model nor IS-LM-based models can be applied to the major economic issues facing today's world. This book develops alternative models in the Keynesian tradition that incorporate financial institutions and make explicit the intimate link between the processes of generation of income, saving, credit and expenditure. It subsequently uses these models to address the major current macroeconomic issues that India and the rest of the world are confronted with. In the Indian context, it focuses on the issues of unemployment, growth, recession, bank performance, banking sector reforms and corruption. It also seeks to identify the causes of economic crises in Greece and the US. The analysis reveals a common trend in the economies considered here: the policy framework within which they function is recessionary, exploitative and fosters unemployment, inequality and poverty. Further, this framework is leading these economies farther away from the goal that every civilized society should strive to achieve, namely, providing all citizens with suitably gainful jobs and adequate access to quality food, clothing, shelter, education and health care. The book seeks to identify the cause of this malady, and puts forward policies to remedy it. It thus contains takeaways for academia, think tanks as well as policy makers.

Evaluation in recent decades has evolved from a tool for project appraisals to a more widely used framework for public decision-making and operational management. Most evaluation books are focused on traditional tools of analysis such as cost-effectiveness and cost-benefit analysis to the neglect of modern tools such as multi-criteria evaluation, social marginal cost of funds analysis, data envelopment analysis, results-oriented management and evaluation and theory based evaluations. This edited volume provides an easily accessible and comprehensive survey of both traditional and modern tools of analysis that are used in the evaluation literature to evaluate public projects, programs, policies and policy analysis and advice. The book will be of interest to students, scholars, researchers, practitioners and policy makers.

'In this timely book, Professor Gordon Rausser explores the changing landscape of university-industry relations, informed by his unusual background as a pioneer in Public Private Research Partnerships (PPRPs) while serving as Dean of the College of Natural Resources at UC Berkeley. Scholars, administrators, and industry executives who are interested in industry/university partnerships will find a treasure of information and insights in this beautifully written book.' - Steve P. Briggs, University of California, San Diego 'As public/private partnerships have become increasingly important to the funding of academic research, it is essential not only to learn from past institutional experience of such partnerships, but to create templates that optimize their structure for both partners. In his important book, Structuring Public-Private Research Partnerships for Success, Gordon Rausser has set himself to both tasks. All those who think about such partnerships will learn from this book.' - Carol Christ, University of California, Berkeley University research has played an essential role in economic growth by generating public good outputs that have not readily lent themselves to private market development. As funding for universities and governmental research units has declined, these institutions have turned to the private sector to augment their research and development budgets. This book presents a framework for structuring public-private research partnerships that protect both these institutions' academic freedom and the private firm's corporate interests. The authors present a four-stage framework that recognizes the critical role of 'control rights' and reveals how these rights can be effectively identified, valued, and allocated between research partners. The book provides a number of template designs for a variety of research partnerships, including tactics and strategies for implementing successful public-private research partnerships. It further provides case studies with examples of both successful and unsuccessful research partnerships. The book demonstrates that universities are empowered when they pursue private partners actively and when contracts preserve academic freedom, address confidentiality, specify intellectual property rights, define access to proprietary data, clarify the conflict resolution process, and address potential publication delays. This book is an essential and illuminating resource for academic researchers in economics and public policy departments, technology transfer offices, as well as others involved in university and public administration.