Since the rational expectations revolution in macroeconomics, the subject has evolved in a major way, adopting the principles behind the revolution and building on them in spectacular fashion. In this thoroughly revised and updated second edition, the authors provide a complete and up-to-date textbook designed to guide students through the mathematical and conceptual maze of modern macroeconomics. The updated second edition includes: Explanation of the historical development of the subject Introduction to traditional macro-classical/adaptive expectations Demonstration of how rational expectations are handled in macro models and in finance An explanation of the importance of structural, micro-founded models Key examples of structural models examined in detail, and with extension to the open economy Discussion of policy implications throughout Methodology for testing models against macro data behaviour, complete with the latest evidence on these models' success Coverage of key topics, including the supply-side, unemployment, growth and the open economy. By explaining the basics of each topic, and providing the solid grounding for students to tackle more complex and detailed material, this textbook will be an invaluable resource for both postgraduate and upper level undergraduate students of macroeconomics alike.

This timely book sets out a shrewd and comprehensive policy programme, for both 'microeconomic' supply-side settings of tax and regulatory systems, and 'macroeconomic' policies for fiscal and monetary policies to regulate demand and support the supply-side growth agenda. Explaining the numerous benefits of free trade after Britain's exit from the EU, and challenging the anti-Brexit argument, Patrick Minford builds on his extensive research into economic modelling to quantify the effects of Brexit and propose policies for the aftermath. Laying out an agenda for replacing social interventionist EU regulation with a robust free market framework, Minford proposes a radical tax reform programme to broaden the tax base and flatten marginal rates. This incisive book looks to the future of the UK beyond Brexit, addressing the effects of coronavirus and proposing an avenue of policies for recovery. Featuring key empirical analysis and insightful arguments, this book will be crucial reading for economists and policymakers investigating and overseeing the future of UK economic policy. It will also benefit scholars of economics and political economy, particularly those interested in tax reform programmes.

This timely book sets out a shrewd and comprehensive policy programme, for both 'microeconomic' supply-side settings of tax and regulatory systems, and 'macroeconomic' policies for fiscal and monetary policies to regulate demand and support the supply-side growth agenda. Explaining the numerous benefits of free trade after Britain's exit from the EU, and challenging the anti-Brexit argument, Patrick Minford builds on his extensive research into economic modelling to quantify the effects of Brexit and propose policies for the aftermath. Laying out an agenda for replacing social interventionist EU regulation with a robust free market framework, Minford proposes a radical tax reform programme to broaden the tax base and flatten marginal rates. This incisive book looks to the future of the UK beyond Brexit, addressing the effects of coronavirus and proposing an avenue of policies for recovery. Featuring key empirical analysis and insightful arguments, this book will be crucial reading for economists and policymakers investigating and overseeing the future of UK economic policy. It will also benefit scholars of economics and political economy, particularly those interested in tax reform programmes.

Since the rational expectations revolution in macroeconomics, the subject has evolved in a major way, adopting the principles behind the revolution and building on them in spectacular fashion. In this thoroughly revised and updated second edition, the authors provide a complete and up-to-date textbook designed to guide students through the mathematical and conceptual maze of modern macroeconomics. The updated second edition includes: Explanation of the historical development of the subject Introduction to traditional macro-classical/adaptive expectations Demonstration of how rational expectations are handled in macro models and in finance An explanation of the importance of structural, micro-founded models Key examples of structural models examined in detail, and with extension to the open economy Discussion of policy implications throughout Methodology for testing models against macro data behaviour, complete with the latest evidence on these models' success Coverage of key topics, including the supply-side, unemployment, growth and the open economy. By explaining the basics of each topic, and providing the solid grounding for students to tackle more complex and detailed material, this textbook will be an invaluable resource for both postgraduate and upper level undergraduate students of macroeconomics alike.

Patrick Minford has been a close adviser to Mrs Thatcher during the last decade. He has made an important contribution to the ideas of Thatcherism and Britain's monetarist/supply side programme in the 1980s.This book brings together, for the first time, essays written as a contribution to the supply side revolution in Britain. Some focus on monetary and fiscal policy, while others deal with the principles and mechanisms for supply side reform. Taken together, they represent an invaluable source book and reference point on the political philosophy and economic strategy of the Thatcher era. The essays were all written for a wide audience and will be essential reading for both economists and non-economists alike.

Patrick Minford has been a close adviser to Mrs Thatcher during the last decade. He has made an important contribution to the ideas of Thatcherism and Britain's monetarist/supply side programme in the 1980s.This book brings together, for the first time, essays written as a contribution to the supply side revolution in Britain. Some focus on monetary and fiscal policy, while others deal with the principles and mechanisms for supply side reform. Taken together, they represent an invaluable source book and reference point on the political philosophy and economic strategy of the Thatcher era. The essays were all written for a wide audience and will be essential reading for both economists and non-economists alike.

The policy framework advocated by Minford et al. . . . is grounded in economic theory and an incisive empirical analysis of the costs of UK's membership of the EU. Their thesis that the EU is a political union practising economic protectionism in the guise of gradualism towards free trade makes sense. . . . Minford and his associates' analysis suggests that the EU's policy framework of free trade for members but restrictions on trade of non-members with the EU countries is a second best policy adopted to promote political rather than economic objectives.' - V.N. Balasubramanyam, Lancaster University, UK'The EU got the Nobel Prize for Peace in 2012, but such an award is not forthcoming for economics. In fact, the EU faces a stern public discontent throughout Europe. For years EU leaders have been unable to agree on almost anything. The eurozone's toxic monetary embrace is a colossal failure that has provoked misery in most of the participating countries and, worst of all, suffocated the hopes of prosperity for many years to come. The EU is no longer a venture that inspires people to run on barricades to defend it. Should Britain be a part of the crumbling EU project? This book provides a timely and documented answer. It is highly recommended reading.' - Miroslav N. Jovanovi , University of Geneva, Switzerland 'Much too much of the debate about the UK's relationship with the European Union relies upon general declarations unsupported by facts and assertions and claims not substantiated by evidence. This is why we need so badly the careful quantitative analysis provided by Patrick Minford and his colleagues. The UK electorate will have a momentous decision to take when the EU referendum takes place. History and emotions will be important, but getting the facts straight is even more vital.' - John Mills, Founder and Chairman of JML and Co-Chairman of Business for Britain 'Patrick Minford and his team have performed a hugely valuable service by quantifying the costs of Britain's EU membership. In particular, they show that Britain pays too much for too high a proportion of its imports. The EU's protectionism in its trade with the rest of the world costs Britain a significant slice of its national output. Their demonstration of this vital point is thought-provoking and sophisticated, and greatly strengthens the case for the UK to leave the EU.' - Tim Congdon, CBE, International Monetary Research Ltd Placed in the context of the upcoming referendum, this second edition brings up to date a thorough review of all economic aspects of the UK's membership of the EU. It notes the intention of the EU to move to 'ever closer union' and the nature of the regulatory and general economic philosophy of its dominant members, whose position is enforced by qualified majority voting. The book highlights the UK s dilemma that, while extending free markets to its local region is attractive, this European philosophy and closer union are substantially at odds with the UK's traditions of free markets and freedom under the common law. This comprehensive examination of the economic costs and benefits of membership uses state-of-the-art modeling methods and includes estimates of its net costs as a percentage of GDP. The book explains how the decision to leave would follow from a judgement on the political economy of the EU as compared with that of the UK. It details the misconceptions involved in much of the debate about trade with the EU, and argues that the key issue is not access to markets but rather the prices at which trade takes place. Covered in careful detail is the economics of the UK's trade with the EU in the key sectors of agriculture, manufacturing, and services.

The policy framework advocated by Minford et al. . . . is grounded in economic theory and an incisive empirical analysis of the costs of UK's membership of the EU. Their thesis that the EU is a political union practising economic protectionism in the guise of gradualism towards free trade makes sense. . . . Minford and his associates' analysis suggests that the EU's policy framework of free trade for members but restrictions on trade of non-members with the EU countries is a second best policy adopted to promote political rather than economic objectives.' - V.N. Balasubramanyam, Lancaster University, UK'The EU got the Nobel Prize for Peace in 2012, but such an award is not forthcoming for economics. In fact, the EU faces a stern public discontent throughout Europe. For years EU leaders have been unable to agree on almost anything. The eurozone's toxic monetary embrace is a colossal failure that has provoked misery in most of the participating countries and, worst of all, suffocated the hopes of prosperity for many years to come. The EU is no longer a venture that inspires people to run on barricades to defend it. Should Britain be a part of the crumbling EU project? This book provides a timely and documented answer. It is highly recommended reading.' - Miroslav N. Jovanovi , University of Geneva, Switzerland 'Much too much of the debate about the UK's relationship with the European Union relies upon general declarations unsupported by facts and assertions and claims not substantiated by evidence. This is why we need so badly the careful quantitative analysis provided by Patrick Minford and his colleagues. The UK electorate will have a momentous decision to take when the EU referendum takes place. History and emotions will be important, but getting the facts straight is even more vital.' - John Mills, Founder and Chairman of JML and Co-Chairman of Business for Britain 'Patrick Minford and his team have performed a hugely valuable service by quantifying the costs of Britain's EU membership. In particular, they show that Britain pays too much for too high a proportion of its imports. The EU's protectionism in its trade with the rest of the world costs Britain a significant slice of its national output. Their demonstration of this vital point is thought-provoking and sophisticated, and greatly strengthens the case for the UK to leave the EU.' - Tim Congdon, CBE, International Monetary Research Ltd Placed in the context of the upcoming referendum, this second edition brings up to date a thorough review of all economic aspects of the UK's membership of the EU. It notes the intention of the EU to move to 'ever closer union' and the nature of the regulatory and general economic philosophy of its dominant members, whose position is enforced by qualified majority voting. The book highlights the UK s dilemma that, while extending free markets to its local region is attractive, this European philosophy and closer union are substantially at odds with the UK's traditions of free markets and freedom under the common law. This comprehensive examination of the economic costs and benefits of membership uses state-of-the-art modeling methods and includes estimates of its net costs as a percentage of GDP. The book explains how the decision to leave would follow from a judgement on the political economy of the EU as compared with that of the UK. It details the misconceptions involved in much of the debate about trade with the EU, and argues that the key issue is not access to markets but rather the prices at which trade takes place. Covered in careful detail is the economics of the UK's trade with the EU in the key sectors of agriculture, manufacturing, and services.

While the ancient Greeks and Romans are seldom studied in the modern American polity, their societies possessed distinct civic virtues and standards of excellence that formed the basis of the United States. The authors argue that the Founders and Framers of the U.S. created a nation based on the juxtaposition of ancient principles, which helped cultivate a population of civic minded, excellent citizens. The history of the U.S. is far from perfect, but the idea of America, at its origin, was revolutionary. In modern times, however, the authors argue that the American people are forgetting what it means to be American. The decline of both civic virtue and standards of excellence in today's America is responsible for the rise of poor political leadership. Under President Donald Trump, America's ability to maintain peace throughout the world, known as Pax Americana, was deteriorated, which worsened the integrity, stability, and longevity of the country. While many scholars have attempted to explain the rise of Trump, the authors argue that if American citizens want to know how Trump rose to power, they need only look into a mirror.

For more than two thousand years, Sun-tzu's The Art of War has provided leaders with essential advice on battlefield tactics, managing troops and terrain, and employing cunning and deception. An elemental part of Chinese culture, it has also become a touchstone for the Western struggle for survival and success, whether in battle, in business or in relationships. Now, in this crisp, accessible new translation, John Minford brings this seminal work to life for today's readers. Capturing the literary quality of The Art of War - its lucid, epigrammatic, almost poetic style - as well as its philosophical and strategic content, Minford present the core text in two different formats. First, the unadorned thirteen chapters allow readers to form their own first impressions of the ancient words of wisdom ascribed to Sun-tzu. Then the same text appears with extensive running commentary from the canon of traditional Chinese commentators and others, providing context and subtext to the work. A lively, learned introduction, chronologies, suggested readings, and other valuable apparatus round this authoritative volume. Even those readers familiar with The Art of War will experience it anew, finding it more fascinating - and more chilling - than ever.

Still a source of inspiration for soldiers on the battlefield and managers in the boardroom 2000 years after it was written, Sun-Tzu's The Art of War is the most influential book of strategy in the world, translated from the Chinese by John Minford in Penguin Classics. 'Ultimate excellence lies not in winning every battle, but in defeating the enemy without ever fighting' For more than two thousand years, Sun-Tzu's The Art of War has provided leaders with profound insights into the use of skill, tactics, psychology and discipline to outwit opponents. Said to have inspired Napoleon, and used by Mao Zedong and General Douglas MacArthur, as well as many famous business gurus, politicians and sports stars, its ancient words of wisdom provide a touchstone for today's managers and executives fighting their boardroom battles. This best-selling book offers ancient wisdom on how to use skill, cunning, tactics and discipline to outwit your opponent. Little is known for definite about Sun Tzu (544-496 B.C.) and his life during the Warring States period after the decline of the Zhou dynasty, but his classic The Art of War has been one of the central works of Chinese literature for 2500 years. If you enjoyed The Art of War, you might like Machiavelli's The Prince, also available in Penguin Classics. 'Absorb this book, and you can throw out all those contemporary books about management leadership' Newsweek 'Reflecting on Sun-Tzu's work is to the business manager what weight lifting is to the champion athlete - an exercise that makes one stronger' John Kohut, Beijing Bureau Chief, South China Post

A reference that offers comprehensive discussions on every important aspect of aluminum bonding for each level of manufacturing from mill finished to deoxidized, conversion coated, anodized, and painted surfaces and provides an extensive, up-to-date review of adhesion science, covering all significa

Sun Tzu's The Art of War is still one of the world's most influential treatises on strategic thought. Applicable everywhere from the boardroom to the bedroom, from the playing field to the battlefield, its wisdom has never been more highly regarded. Now available in its complete form, including the Chinese characters and English text, this essential examination of the art of decisive military strategy features extensive commentary and an insightful historical introduction written by Lionel Giles, its original translator. This new edition includes an all-new introduction by the scholar of ancient Chinese literature, John Minford.

For more than two thousand years, Sun-tzu's The Art of War has provided leaders with essential advice on battlefield tactics and management strategies. An elemental part of Chinese culture, it has also become a touchstone for the Western struggle for survival and success, whether in battle, in business, or in relationships. Now, in this crisp, accessible new translation, eminent scholar John Minford brings this seminal work to life for today's readers. Capturing the literary quality of the work, Minford presents the core text in two formats: first, the unadorned ancient words of wisdom ascribed to Sun-tzu; then, the same text with extensive running commentary from the canon of traditional Chinese commentators. A lively, learned introduction and other valuable apparatus round out this authoritative volume.

For more than 2,000 years, Sun Tzu's The Art of War has provided leaders with essential advice on battlefield tactics, managing troops and terrain, and employing cunning and deception. An elemental part of Chinese culture, it has also become a touchstone for the Western struggle for survival and success, whether in battle, in business or in relationships. Now, in this crisp, accessible new translation, John Minford brings this seminal work to life for today's readers. A lively, learned introduction, chronologies and suggested further reading are among the valuable apparatus included in this authoritative volume. Even those readers familiar with The Art of War will experience it anew, finding it more fascinating - and more chilling - than ever. Little is known about Sun Tzu (544-496 B.C.) and his life during the Warring States period after the decline of the Zhou dysnasty, but his classic, The Art of War, has been one of the central works of Chinese literature for 2500 years. John Minford studied Chinese at Oxford and at the Australian National University and has taught in China, Hong Kong, and New Zealand. He edited (with Geremie Barme) Seeds of Fire: Chinese Voices of Conscience and (with Joseph S. M. Lau) Chinese Classical Literature: An Anthology of Translations. He has translated numerous works from the Chinese, including the last two volumes of the Penguin Classics edition of Cao Xueqin's eighteenth-century novel The Story of the Stone and the martial-arts fiction of the contemporary Hong Kong novelist Louis Cha.

Leung Ping?kwan is one of Hong Kong's most acclaimed poets. His poems display a unique blend of the literary and the down?to?earth, the modern and the traditional, the serious and the humorous, the local and the universal. He wrote, 'I want to write a kind of modern poetry that does not have to turn away from the world we live in, that rethinks the relationship between language and objects...' This collection has been carefully curated, and is arranged under ten thematic sections: Lotus Leaves, Hong Kong, Macao, Foodscape, After the Book of Songs, Strange Tales: After Pu Songling, Clothink, Museum Pieces, Places and Friends, Bitter?Melon and Others. These translated poems, and the delight they bring, are a celebration of the continuing legacy of a remarkable Hong Kong poet.

As a tribute to the exceptional contributions of Alan Walters to monetary theory and policy, this book draws together a distinguished cast of international contributors to write about money. In a series of essays they review controversies in monetary economics and debate current policy issues.Combining theoretical analysis with policy evaluation, this book touches on a whole spectrum of issues ranging from monetary union and exchange rate regimes, to credit rationing and policy games. The book focuses on the problems of modelling the effects of monetary and fiscal policy, and setting optimal policies for the future. It concludes with two stimulating panel discussions, one questioning whether the UK should join the Euro and the other discussing the appropriate targets of monetary policy. Bringing together for the first time papers celebrating Alan Walters' achievements in this field, this book will be warmly welcomed by those with special interest in monetary economics, particularly policymakers, students and academics.

The Best China, an expression traditionally used to refer to the finest crockery brought out when one is entertaining special guests, has been adapted here to mean the Best Chinese Tradition of free-thinking discursive prose. This anthology of essays from Hong Kong and the diaspora, ranging across the past hundred and seventy years, records the intellectual ferment that has always characterised the city since its founding in 1842, sometimes restless and questioning, sometimes meditative and lyrical, always civilised, and buoyed by an all-pervasive and indomitable spirit of freedom.

This is a most unusual book. For several decades Xi Xi has been widely known for her award?winning poetry and fiction. This time, she has chosen to write about the teddy bears she began making in 2005, after treatment for cancer, in order to improve the mobility of her right hand. She made the bears herself from scratch, choosing some of her favourite characters from history and legend such as the Taoist philosopher Master Zhuang, the Mongol ruler Genghis Khan, and Beauty and the Beast. She also createexquisite items of clothing for them and wove a series of delightfully witty essays around them, giving her readers fascinating insights into Chinese culture, and into the ways in which Chinese clothing and fashion have evolved through the ages.

Leung Ping?kwan brought as much talent and inspiration to the writing of his short stories as he did to his poems. 'I have drawn on magical realism to explore the absurdity of Hong Kong,' he wrote of the story See Mun and the Dragon (1975) in which we find him using a simple, clipped style. The later story Drowned Souls (2007) was written in a more symbolic, lyrical and complex manner, influenced by the style of the traditional Chinese tales of the supernatural. Although the two stories are separated by over 30 years, dragons play a prominent part in both. The dragon has always been a fascinating creature, a complex embodiment of the timeless soul of China and a symbol of the creative energy and transformative possibilities of the Tao. Both of these enchanting stories are anchored in the author's ideas of freedom and liberation. Through the keen eyes and curious mind of a young girl, Ying?tzu, we are given a glimpse into the adult world of Peking in the 1920s.

The Drunkard is one of the first full?length stream?of?consciousness novels written in Chinese. It has beencalled the Hong Kong novel, and was first published in 1962 as a serial in a Hong Kong evening paper. As the unnamed Narrator, a writer at odds with a philistine world, sinks to his drunken nadir, his plight can be seen to represent that of a whole intelligentsia, a whole culture, degraded by the brutal forces of history: the Second Sino?Japanese War and the rampant capitalism of postwar Hong Kong. The often surrealistic description of the Narrator's inexorable descent through the seedy bars and nightclubs of Hong Kong, of his numerous encounters with dance?girls and his ever more desperate boutsof drinking, is counterpointed by a series of wide?ranging literary essays, analysing the Chinese classical tradition, the popular culture of China and the West, and the modernist movement in Western andChinese literature. The ambiance of Hong Kong in the early 1960s is graphically evoked in this powerful and poignant novel,which takes the reader to the very heart of Hong Kong. Hong Kong director Freddie Wong made a fine film version of the novel in 2004.

A landmark new translation of the ancient Chinese oracle and book of wisdom, in a stunning Penguin Classics Deluxe Edition The I Ching, or Book of Change, has been consulted through the ages, in both China and the West, for answers to fundamental questions about the world and our place in it. The oldest extant book of divination, it dates back three thousand years to ancient shamanistic practices involving the ritual preparation of the shoulder bones of oxen. From this early form of communication with the other world, it has become the Chinese spiritual book par excellence. An influence on such cultural icons as Bob Dylan, John Cage, Merce Cunningham, Philip K. Dick, and Philip Pullman, the I Ching is turned to by millions around the world for insights on spiritual growth, business, medicine, genetics, game theory, strategic thinking, and leadership, and of course for the window it opens on China. This new translation, over a decade in the making, is informed by the latest archaeological discoveries and features a gorgeously rendered codex of divination signs-the I Ching's sixty-four Tarot-like hexagrams. It captures the majesty and mystery of this legendary work and charts an illuminating path to self-knowledge.

The summation of more than two thousand years of one of the world's most august literary traditions, this volume also represents the achievements of four hundred years of Western scholarship on China. The selections include poetry, drama, fiction, songs, biographies, and works of early Chinese philosophy and history rendered in English by the most renowned translators of classical Chinese literature: Arthur Waley, Ezra Pound, David Hawkes, James Legge, Burton Watson, Stephen Owen, Cyril Birch, A. C. Graham, Witter Bynner, Kenneth Rexroth, and others.

Arranged chronologically and by genre, each chapter is introduced by definitive quotes and brief introductions chosen from classic Western sinological treatises. Beginning with discussions of the origins of the Chinese writing system and selections from the earliest "genre" of Chinese literature -- the Oracle Bone inscriptions -- the book then proceeds with selections from:

- early myths and legends;

- the earliest anthology of Chinese poetry, the "Book of Songs;"

- early narrative and philosophy, including the "I Ching, Tao-te Ching, " and the "Analects" of Confucius;

- rhapsodies, historical writings, magical biographies, ballads, poetry, and miscellaneous prose from the Han and Six Dynasties period;

- the court poetry of the Southern Dynasties;

- the finest gems of Tang poetry; and

- lyrics, stories, and tales of the Sui, Tang, and Five Dynasties eras.

Special highlights include individual chapters covering each of the luminaries of Tang poetry: Wang Wei, Li Bo, Du Fu, and Bo Juyi; early literary criticism; women poets from the first to the tenth century C.E.; and the poetry of Zen and the Tao.

Bibliographies, explanatory notes, copious illustrations, a chronology of major dynasties, and two-way romanization tables coordinating the Wade-Giles and pinyin transliteration systems provide helpful tools to aid students, teachers, and general readers in exploring this rich tradition of world literature.

The first full commercial release of the 1972 film based on the play of the same name adapted and directed by Jane Arden. The film is an exploration into the mind of a young woman marked as a schizophrenic after suffering a mental breakdown only to find that the cause is not due to her insanity but rather a distorted sexual guilt constructed by the prohibitive community in which she lives.

The Strange Tales of Pu Songling (1640-1715) are exquisite and amusing miniatures that are regarded as the pinnacle of classical Chinese fiction. With their elegant prose, witty wordplay and subtle charm, the 104 stories in this selection reveal a world in which nothing is as it seems. Here a Taoist monk conjures up a magical pear tree, a scholar recounts his previous incarnations, a woman out-foxes the fox-spirit that possesses her, a child bride gives birth to a thimble-sized baby, a ghostly city appears out of nowhere and a heartless daughter-in-law is turned into a pig. In his tales of humans coupling with shape-shifting spirits, bizarre phenomena, haunted buildings and enchanted objects, Pu Songling pushes back the boundaries of human experience and enlightens as he entertains.