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This three volume set offers an extensive collection of the most
significant articles which investigate the foundations of past and
current thinking on regulatory economics. The papers cover more
than 150 years of contributions to the subject and range from the
earliest discussions of controlled markets to some very recent
developments. The emphasis of the volumes is on historical,
conceptual and empirical studies of regulation: Volume I is devoted
to the origins and development of regulatory theory and practice;
Volume II examines contemporary theories of regulation; and Volume
III addresses issues related to regulation and deregulation and
offers some empirical studies of the effects of regulation in past
and present markets. In addition to a comprehensive guide to the
articles included in his selection, the editor has also written a
scholarly introduction, which provides the reader with a short
history of the development of ideas on regulatory economics and the
establishment of institutions connected with regulation.
Sir Edwin Chadwick (1800-1890) is hardly a household name among
economists, although he is a well-known hero to sanitation
engineers and utilitarian social reformers. His brilliant and
cunning ideas relating to contemporary economic policy are
illuminated for the first time in this pioneering study. The
authors detail Chadwick's sophisticated conceptions of moral
hazard, common pool problems, asymmetric information, and theory of
competition, all of which differ starkly from those promulgated by
Adam Smith and other classical economists. Also examined are
Chadwick's views on government versus market role in dealing with
problems created by natural monopoly, and whether some or all
market problems justify government regulation or alterations of
property rights. The authors investigate Chadwick's utilitarian
approach to labor, business cycles, and economic growth,
contrasting his modern view with those of his classical economic
contemporaries. Chadwick's enormous output and cutting-edge methods
undoubtedly establish him as an original and trenchant thinker in
economic matters as well as a prophetic voice on contemporary
issues in economics. This unique look at his less familiar research
will interest academic regulatory economists, sociologists,
students and scholars of law and economics, and all those
interested in the fundamentals of social reform.
What role did economics play in leading the United States into the
Civil War in the 1860s, and how did the war affect the economies of
the North and the South? Tariffs, Blockades, and Inflation uses
contemporary economic analyses such as supply and demand, modern
market theory, and the economics of politics to interpret events of
the Civil War. Simplifying the sometimes complex intricacies of the
subject matter, Thornton and Ekelund have penned a nontechnical
primer that is jargon-free and accessible. Tariffs, Blockades, and
Inflation also takes a comprehensive approach to its topic. It
offers a cohesive and a persuasive explanation of the how, what,
and why behind the many factors at work on both sides of the
contest. While most books only delve into a particular aspect of
the war, this title effectively bridges the gap by offering an
all-encompassing, yet relatively brief, introduction to the
essential economics of the Civil War. This book starts out with a
look at the reasons for the beginning of the Civil War, including
explaining why the war began when it did. It then examines the
economic realities in both the North and South. Also covered are
the different financial strategies implemented by both the Union
and the Confederacy to fund the war and the reasons behind what
ultimately led to Southern defeat. Finally, the economic effect of
Reconstruction is discussed, including the impact it had on the
former slave population. Thornton and Ekelund have contributed an
overdue examination of the Civil War that will impart to students a
modern way to better comprehend the conflict. Tariffs, Blockades,
and Inflation offers fresh, penetrating insights into this pivotal
event in American history.
Without meaning to be irreverent, it is fair to say that in the
Middle Ages, at the height of its political and economic power, the
Roman Catholic Church functioned in part as a powerful and
sophisticated corporation. The Church dealt in a "product" many
consumers felt they had to have: the salvation of their immortal
souls. The Pope served as its CEO, the College of Cardinals as its
board of directors, bishoprics and monasteries as its franchises.
And while the Church certainly had moral and social goals, this
early antecedent to AT&T and General Motors had economic
motives and methods as well, seeking to maximize profits by
eliminating competitors and extending its markets.
In Sacred Trust: The Medieval Church as an Economic Firm, five
highly respected economists advance the controversial argument that
the story of the Roman Catholic Church in the Middle Ages is in
large part a story of supply and demand. Without denying the
centrality--or sincerity--of religious motives, the authors employ
the tools of modern economics to analyze how the Church's
objectives went well beyond the realm of the spiritual. They
explore the myriad sources of the Church's wealth, including tithes
and land rents, donations and bequests, judicial services and
monastic agricultural production. And they present an in-depth look
at the ways in which Church principles on marriage, usury, and
crusade were revised as necessary to meet--and in many ways to
create--the needs of a vast body of consumers. Along the way, the
book raises and answers many intriguing questions. The authors
explore the reasons behind the great crusades against the Moslems,
probing beyond motives of pure idealism to highlight the Church's
concern with revenues from tourism and the sale of relics
threatened by Moslem encroachment in the holy lands. They examine
the Church's involvement in the marriage market, revealing how the
clergy filled their coffers by extracting fees for blessing or
dissolving marital unions, for hearing marital disputes, and even
for granting permission for blood relatives to wed. And they shed
light on the concept of purgatory, showing how this "product
innovation" developed by the Church in the twelfth century--a form
of "deferred payment"--opened the floodgates for a fresh market in
post-mortem atonement through payments on behalf of the deceased.
Finally, the authors show how the cumulative costs that the
faithful were asked to bear eventually priced the Roman Catholic
church out of the market, paving the way for Protestant reformers
like Martin Luther.
A ground-breaking look at the growth and decline of the medieval
Church, Sacred Trust demonstrates how economic reasoning can be
used to cast light on the behavior of any complex historical
institution. It offers rare insight into one of the great
historical powers of Western civilization, in a analysis that will
intrigue anyone interested in life in the Middle Ages, in church
history, or in the influence of economic motives on historical
events.
The rapidly changing and evolving art market might appear to be
chaotic to the casual observer, with new highs, potential lows, and
tastes and fashions changing season to season. Economists, however,
view the actions of buyers and sellers as constituting an
identifiable market. They have, for some decades, studied such
issues as artistic productivity and "death effects" on prices,
investment returns, and on the basis of the behavior and estimated
prices in auction markets. The Economics of American Art analyzes
the most pervasive economic issues facing the art world, applied to
the whole spectrum of American art. The book begins by looking at
how a market for American art developed, how the politics of the
post-war era shaped, at least in large part, the direction of
American art, and how this legacy continues into contemporary art
today. The book then tackles several salient, integral questions
animating the American art world: Are age and "type" of artist
(i.e. traditional or "innovative") related and, if so, how might
they be related to productivity? Is investment in American art a
remunerative endeavor compared to other investment possibilities?
Do economic insights provide understanding of fakes, fraud and
theft of art, particularly American art, and is it possible to
prevent art crime? Is there is a boom (or a bust) in the market for
contemporary American art as might be found in other markets? The
ongoing evolution of American art is attended by a massive number
of influences, and the economic concepts employed in this volume
will complement other critical and important cultural studies of
art. Both practical and accessible, The Economics of American Art
will be essential for collectors, auction houses, American art
experts of all kinds, museums, gallery owners and, not least, by
economists with continuing scholarly interests in these matters.
"Macroeconomics: Private Markets and Public Choice" emphasizes that
economics is, at its base, about our society's well-being and our
individual happiness in "all "forms, not just profit. The authors
teach students to apply economic concepts not only to key policy
decisions like taxes, inflation, and free trade, but also to
personal decisions such as household finance, marriage, and career
choices.
The Seventh Edition is enhanced by MyEconLab, the online homework
system featuring automatically graded graphing problems and proven
tutorial tools. Access to MyEconLab comes with every new textbook
at no additional cost to the student.
This text comes packaged with an access kit for the new easy-to-use
format of MyEconLab, which requires no set-up by the professor.
With this, students can access practice problems for each chapter
in the book, graphing questions, learning resources, and live
tutoring. Professors who plan to use advanced course management
online should order the book with MyEconLab in CourseCompass. View
`Alternate Versions' of this book on the web catalog page, or
contact your local representative for details. Maximizing happiness
means more than maximizing wealth, and yet many students assume
economists only care about "the bottom line." Economics: Private
Markets and Public Choice emphasizes that economics is, at its
base, about our society's well-being and our individual happiness
in all forms, not just profit. The authors teach students to apply
economic concepts not only to key policy decisions like taxes,
inflation, and free trade, but also to personal decisions such as
household finance, marriage, and career choices. The Seventh
Edition is enhanced by MyEconLab, the online homework system
featuring automatically graded graphing problems and proven
tutorial tools. Access to MyEconLab comes with every new textbook
at no additional cost to the student.
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