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This book explores the central economic and political issues
defining the modern world. With contributions from a number of
world renowned economists, a range of topical debates are discussed
in an accessible and practical manner. The topics discussed include
the current economic and political backdrop, global economic
shifts, challenges within central banking and financial
integration, the international monetary and financial system, and
geopolitical tensions. Particular attention is given to the
transition to a low carbon economy, the perils of public debt, the
post-COVID-19 recovery, and the conflict in Ukraine. This book aims
to envisage the economic challenges and opportunities that will be
faced in the years to come. It will be relevant to students,
researchers, and policymakers interested in economic policy and the
political economy. Chapter-No.17 is available open access under a
Creative Commons Attribution 4.0 International License via
link.springer.com.
This book addresses the causes and consequences of the
international financial crisis of 2008. A range of esteemed
contributors explore developments in the United States, where the
crisis of 2008 originated, as well as the smallest country
affected, Iceland, by evaluating developments since 2008.
Currently, many countries are facing similar problems as Iceland
did in 2008: this book is of interest to economists and policy
makers in these countries to study what happened in Iceland, and
why the recovery of that economy was strong and swift. The chapters
in this book originate from panel discussions and conferences and
explore areas including regulation, state projects and inflation.
This book charts the fall of productivity and the rise of
inequality within global economies and societies. Set out through a
series of economic models, the impact of falling rates of
productivity, particularly in the USA, are examined in relation to
lowering interest rates, the lifting of the stock market, and an
increasingly unequal distribution of wealth. The economic impact of
COVID-19, including the increased tendency to work from home and
renewed public debt pressures, are contextualised within broader
issues of wage suppression and discontent within the labor force to
highlight how average workers have been left behind. The rise of
China and the geopolitical tensions that it has created is also
discussed. This book sets out the macro and microeconomic
innovations that can create a revival in productivity growth in the
coming years. It will be relevant to students and researchers
interested in global economic trends and the political economy.
Nobel Laureate Edmund Phelps and an international group of
economists argue that economic health depends on the widespread
presence of certain values, in particular individualism and
self-expression. Nobel Laureate Edmund Phelps has long argued that
the high level of innovation in the lead nations of the West was
never a result of scientific discoveries plus entrepreneurship, as
Schumpeter thought. Rather, modern values—particularly the
individualism, vitalism, and self-expression prevailing among the
people—fueled the dynamism needed for widespread, indigenous
innovation. Yet finding links between nations’ values and their
dynamism was a daunting task. Now, in Dynamism, Phelps and a trio
of coauthors take it on. Phelps, Raicho Bojilov, Hian Teck Hoon,
and Gylfi Zoega find evidence that differences in nations’ values
matter—and quite a lot. It is no accident that the most
innovative countries in the West were rich in values fueling
dynamism. Nor is it an accident that economic dynamism in the
United States, Britain, and France has suffered as state-centered
and communitarian values have moved to the fore. The authors lay
out their argument in three parts. In the first two, they extract
from productivity data time series on indigenous innovation, then
test the thesis on the link between values and innovation to find
which values are positively and which are negatively linked. In the
third part, they consider the effects of robots on innovation and
wages, arguing that, even though many workers may be replaced
rather than helped by robots, the long-term effects may be better
than we have feared. Itself a significant display of creativity and
innovation, Dynamism will stand as a key statement of the cultural
preconditions for a healthy society and rewarding work.
It is now widely accepted that expansionary fiscal or monetary
policies alone are unlikely to help Europe's ailing economies.
Solving Europe's economic problems requires reform of the economic
institutions that influence economic activity and the way the
economy responds to macroeconomic shocks. This volume employs novel
approaches to the study of some of these institutions. The group of
contributors in this book come from academia and international
organizations in Europe and the USA. They focus on trade unions,
which affect real-wage flexibility and the provision of training to
workers. They also concentrate on employment protection
legislation, which discourages firms from firing old workers and
also from hiring new ones. The structure of housing market
imperfections that can greatly affect regional mobility is also
discussed. Labour economists and scholars of European studies, as
well as economic policymakers, will read Labour Market Adjustments
in Europe with great interest.
This book addresses the causes and consequences of the
international financial crisis of 2008. A range of esteemed
contributors explore developments in the United States, where the
crisis of 2008 originated, as well as the smallest country
affected, Iceland, by evaluating developments since 2008.
Currently, many countries are facing similar problems as Iceland
did in 2008: this book is of interest to economists and policy
makers in these countries to study what happened in Iceland, and
why the recovery of that economy was strong and swift. The chapters
in this book originate from panel discussions and conferences and
explore areas including regulation, state projects and inflation.
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