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This new edition restructures and updates the political economy view of the responsibilities and limitations of government. Public-choice and behavioural concepts are prominent. Gender issues are included. Technical concepts are explained from first principles. Economic theory is rigorously applied. Excessive technicality is avoided. The book integrates traditional public finance topics - taxation, public goods, externalities, and income redistribution - with political self-interest, bureaucracy, voting, rent seeking, corruption, and the common-pool problem of public spending. Social justice is viewed as income equality, equality of opportunity, or the right to benefit from one's own effort. Public policies studied include the environment, education, health insurance, welfare payments and entitlements under moral hazard, unemployment insurance, paternalistic impositions, and defence and public safety. This book is ideal for advanced undergraduate and graduate courses that combine economic theory with a real-world perspective on the politics of public finance and public policy. A broad scope makes the book suitable for students in all countries.
Recent years have witnessed an explosion in the volume and variety of data collected in all scientific disciplines and industrial settings. Such massive data sets present a number of challenges to researchers in statistics and machine learning. This book provides a self-contained introduction to the area of high-dimensional statistics, aimed at the first-year graduate level. It includes chapters that are focused on core methodology and theory - including tail bounds, concentration inequalities, uniform laws and empirical process, and random matrices - as well as chapters devoted to in-depth exploration of particular model classes - including sparse linear models, matrix models with rank constraints, graphical models, and various types of non-parametric models. With hundreds of worked examples and exercises, this text is intended both for courses and for self-study by graduate students and researchers in statistics, machine learning, and related fields who must understand, apply, and adapt modern statistical methods suited to large-scale data.
This book presents a quantitative history of constitutional law in the United States and brings together humanistic and social-scientific approaches to studying law. Using theoretical models of adjudication, Tom S. Clark presents a statistical model of law and uses the model to document the historical development of constitutional law. Using sophisticated statistical methods and historical analysis of court decisions, the author documents how social and political forces shape the path of law. Spanning the history of constitutional law since Reconstruction, this book illustrates the way in which the law evolves with American life and argues that a social-scientific approach to the history of law illuminates connections across disparate areas of the law, connected by the social context in which the Constitution has been interpreted.
Meaningful use of advanced Bayesian methods requires a good understanding of the fundamentals. This engaging book explains the ideas that underpin the construction and analysis of Bayesian models, with particular focus on computational methods and schemes. The unique features of the text are the extensive discussion of available software packages combined with a brief but complete and mathematically rigorous introduction to Bayesian inference. The text introduces Monte Carlo methods, Markov chain Monte Carlo methods, and Bayesian software, with additional material on model validation and comparison, transdimensional MCMC, and conditionally Gaussian models. The inclusion of problems makes the book suitable as a textbook for a first graduate-level course in Bayesian computation with a focus on Monte Carlo methods. The extensive discussion of Bayesian software - R/R-INLA, OpenBUGS, JAGS, STAN, and BayesX - makes it useful also for researchers and graduate students from beyond statistics.
Over the past two decades, experimental economics has moved from a fringe activity to become a standard tool for empirical research. With experimental economics now regarded as part of the basic tool-kit for applied economics, this book demonstrates how controlled experiments can be a useful in providing evidence relevant to economic research. Professors Jacquemet and L'Haridon take the standard model in applied econometrics as a basis to the methodology of controlled experiments. Methodological discussions are illustrated with standard experimental results. This book provides future experimental practitioners with the means to construct experiments that fit their research question, and new comers with an understanding of the strengths and weaknesses of controlled experiments. Graduate students and academic researchers working in the field of experimental economics will be able to learn how to undertake, understand and criticise empirical research based on lab experiments, and refer to specific experiments, results or designs completed with case study applications.
Leveque recounts twenty revealing tales of real-life rivalry between firms across diverse industries, including wine, skiing, opera, video games and cruise liners. These entertaining and insightful narratives are informed by recent advances in economics, factoring in the many forces driving competition, including globalization and innovation. Divided into four sections, the book covers competition and the market; competition and variety; competition through innovation; and competition and equality. Read together, these stories also serve as building blocks to address the issue of whether competition between firms has entered a new era of increased intensity. This book will appeal to anyone, from company executives to consumers, who are interested in the economics of contemporary industry and want to incorporate a grasp of competition into their everyday decision-making. This book can also be used as a supplementary text in courses in microeconomics, business economics and industrial organisation.
Labour internationalism is often viewed as impossible or inevitable, depending upon political perspective. O'Brien argues for a more nuanced, diverse understanding of labour internationalism, identifying six different 'faces', shaped by the national or global orientation of particular groups in the fields of production, regulation and ideas. Providing a general view of labour's global activity and a case study of the Southern Initiative on Globalisation and Trade Union Rights (SIGTUR), the book illustrates how the productive and regulatory structures of the global economy are pushing labour internationalism in particular directions. It details how leftist unions in Argentina, Australia, Brazil, India, the Philippines, South Africa, and South Korea have tried to bridge their differences and launch collective actions. Drawing upon twenty years of participant observation, O'Brien reveals a specific Global South approach based upon anti-imperialism, anti-capitalism and empathetic internationalism.
Experts from across all industrial-organizational (IO) psychology describe how increasingly rapid technological change has affected the field. In each chapter, authors describe how this has altered the meaning of IO research within a particular subdomain and what steps must be taken to avoid IO research from becoming obsolete. This Handbook presents a forward-looking review of IO psychology's understanding of both workplace technology and how technology is used in IO research methods. Using interdisciplinary perspectives to further this understanding and serving as a focal text from which this research will grow, it tackles three main questions facing the field. First, how has technology affected IO psychological theory and practice to date? Second, given the current trends in both research and practice, could IO psychological theories be rendered obsolete? Third, what are the highest priorities for both research and practice to ensure IO psychology remains appropriately engaged with technology moving forward?
How do mafias work? How do they recruit people, control members, conduct legal and illegal business, and use violence? Why do they establish such a complex mix of rituals, rules, and codes of conduct? And how do they differ? Why do some mafias commit many more murders than others? This book makes sense of mafias as organizations, via a collative analysis of historical accounts, official data, investigative sources, and interviews. Catino presents a comparative study of seven mafias around the world, from three Italian mafias to the American Cosa Nostra, Japanese Yakuza, Chinese Triads, and Russian mafia. He identifies the organizational architecture that characterizes these criminal groups, and relates different organizational models to the use of violence. Furthermore, he advances a theory on the specific functionality of mafia rules and discusses the major organizational dilemmas that mafias face. This book shows that understanding the organizational logic of mafias is an indispensable step in confronting them.
A diverse set of expert voices from the Global North and South - philosophers, economists, policy and development scholars and practitioners - explore two themes central to development ethics: agency and democracy. Established luminaries in development ethics engage with the book's themes alongside fresh voices on the way to becoming familiar figures in the field. Their essays work within diverse areas of development studies, including human security and human rights, democratic governance in theory and practice, the capability approach, gender and development, and applied and theoretical critiques of the philosophical underpinnings of various accounts of development. The result is a varied and comprehensive discussion of current work in development ethics that significantly advances our understanding of theoretical and practical work of development. This book will interest students, scholars, and practitioners of global justice, human rights, international development and political philosophy.
Institutional bypass is a reform strategy that creates alternative institutional regimes to give citizens a choice of service provider and create a form of competition between the dominant institution and the institutional bypass. While novel in the academic literature, the concept captures practices already being used in developing countries. In this illuminating book, Mariana Mota Prado and Michael J. Trebilcock explore the strengths and limits of this strategy with detailed case studies, showing how citizen preferences provide a benchmark against which future reform initiatives can be evaluated, and in this way change the dynamics of the reform process. While not a 'silver bullet' to the challenge of institutional reform, institutional bypasses add to the portfolio of strategies to promote development. This work should be read by development researchers, scholars, policymakers, and anyone else seeking options on how to promote change and implement reforms in developing countries around the world.
The promise of harnessing market forces to combat climate change has been unsettled by low carbon prices, financial losses, and ongoing controversies in global carbon markets. And yet governments around the world remain committed to market-based solutions to bring down greenhouse gas emissions. This book discusses what went wrong with the marketisation of climate change and what this means for the future of action on climate change. The book explores the co-production of capitalism and climate change by developing new understandings of relationships between the appropriation, commodification and capitalisation of nature. The book reveals contradictions in carbon markets for addressing climate change as a socio-ecological, economic and political crisis, and points towards more targeted and democratic policies to combat climate change. This book will appeal to students, researchers, policy makers and campaigners who are interested in climate change and climate policy, and the political economy of capitalism and the environment.
The long-awaited second edition of this classic textbook expands on the first edition to include advances made in the last four decades, bringing the topic completely up to date. The book addresses critical issues such as whether humanity can feed itself, and whether it can do so in environmentally sound and sustainable ways. Written from agronomic, environmental, and ecological standpoints, the textbook employs a multidisciplinary approach, including policymaking and plant genetic improvements, as well as ecosystem services, climate change, biodiversity, sustainability and resilience. New chapters in this second edition focus on organic carbon in soil, soil biology, soils in relation to livestock production and forestry, and agroforestry. The new edition will again be the go-to textbook for courses on tropical soils, and a reference textbook for soil and agricultural scientists and development professionals working in the tropics.
The focus of this book is on the two major areas of risk theory: aggregate claims distributions and ruin theory. For aggregate claims distributions, detailed descriptions are given of recursive techniques that can be used in the individual and collective risk models. For the collective model, the book discusses different classes of counting distribution, and presents recursion schemes for probability functions and moments. For the individual model, the book illustrates the three most commonly applied techniques. Beyond the classical topics in ruin theory, this new edition features an expanded section covering time of ruin problems, Gerber-Shiu functions, and the application of De Vylder approximations. Suitable for a first course in insurance risk theory and extensively classroom tested, the book is accessible to readers with a solid understanding of basic probability. Numerous worked examples are included and each chapter concludes with exercises for which complete solutions are provided.
Corporate governance in Asia continues to attract global interest due to its critical importance to the world's fastest-growing region. The study of governance systems remains complicated by Asia's mix of legal traditions, market systems and social history. This comprehensive textbook provides a comparative overview of the corporate governance framework, theory and practice in major Asian countries. Students at all levels will gain an understanding of corporate governance systems in Asia and how they compare with models attributed to the US, the UK and Europe. Featuring six foundational chapters focusing on general theory and corporate governance systems and eight country-specific chapters, this book can be used as the basic textbook for a general course on comparative corporate governance or as an essential reference about corporate governance in Asia for a wide variety of professionals including academics, jurists, students, practitioners, investors, creditors, policymakers and analysts.
Understanding macroeconomic developments and policies in the twenty-first century is daunting: policy-makers face the combined challenges of supporting economic activity and employment, keeping inflation low and risks of financial crises at bay, and navigating the ever-tighter linkages of globalization. Many professionals face demands to evaluate the implications of developments and policies for their business, financial, or public policy decisions. Macroeconomics for Professionals provides a concise, rigorous, yet intuitive framework for assessing a country's macroeconomic outlook and policies. Drawing on years of experience at the International Monetary Fund, Leslie Lipschitz and Susan Schadler have created an operating manual for professional applied economists and all those required to evaluate economic analysis.
This volume describes how controlled-source electromagnetic (CSEM) methods are used to determine the electrical conductivity and hydrocarbon content of the upper few kilometres of the Earth, on land and at sea. The authors show how the signal-to-noise ratio of the measured data may be maximised via suitable choice of acquisition and processing parameters and selection of subsequent data analysis procedures. Complete impulse responses for every electric and magnetic source and receiver configuration are derived, providing a guide to the expected response for real data. 1-D, 2-D and 3-D modelling and inversion procedures for recovery of Earth conductivity are presented, emphasising the importance of updating model parameters using complementary geophysical data and rock physics relations. Requiring no specialist prior knowledge of electromagnetic theory, and providing a step-by-step guide through the necessary mathematics, this book provides an accessible introduction for advanced students, researchers and industry practitioners in exploration geoscience and petroleum engineering.
Considering efficiency, equality, and morality, this book argues for qualified market expansion, particularly in legalizing kidney sales and prostitution. Legalizing prostitution will benefit both men and women, as argued in a chapter jointly written with Yan Wang. Blood donation without monetary compensation can still result in adequate blood supply if schools educate children that blood donation can actually benefit a donor's health. As a society becomes more advanced, with higher incomes and a better educated populace, more activities can be subject to market exchange, with gradual popular acceptance. Without serious misinformation and irrationality, inequality/fairness as such cannot be a valid reason for limiting the scope of the market. The book supports the use of markets to increase efficiency while also increasing the effort to promote equality, making all income groups better off.
Richard Curtin has directed the University of Michigan's consumer sentiment surveys for more than four decades. His analyses of recent trends in consumer expectations are regularly covered in the worldwide press. In this book, Curtin presents a new theory of expectations. Whereas conventional theories presume that consumers play a passive role in the macro economy, simply reacting to current trends in incomes, prices, and interest rates, Curtin proposes a new empirically consistent theory. He argues that expectations are formed by an automatic process that utilizes conscious and nonconscious processes, passion and reason, information from public and private sources, and social networks. Consumers ultimately reach a decision that serves both the micro decision needs of individuals and reflects the common influence of the macro environment. Drawing on empirical observations, Curtin not only demonstrates the importance of consumer sentiment, but also how it can foreshadow the cyclical turning points in the economy.
This is a thorough exploration of the models and methods of financial econometrics by one of the world's leading financial econometricians and is for students in economics, finance, statistics, mathematics, and engineering who are interested in financial applications. Based on courses taught around the world, the up-to-date content covers developments in econometrics and finance over the last twenty years while ensuring a solid grounding in the fundamental principles of the field. Care has been taken to link theory and application to provide real-world context for students. Worked exercises and empirical examples have also been included to make sure complicated concepts are solidly explained and understood.
In a time of changing trade norms, when free trade seems to be giving way to new kinds of nationalism, some fundamental questions about trade are still not being asked. Is trade consensual or coercive? Is 'free trade' as currently practiced really free? If not, what difference can trade law make in addressing economically oppressive practices that nationalistic trade policies cannot? In this book Garcia offers an examination of trade law's roots in consensual exchange, highlighting the central role of consent in differentiating trade from legally facilitated coercion, exploitation or predation. The book revisits the premise of consensual exchange which underlies the rhetoric of 'free trade', and then examines the social and political conditions that are a necessary part of a more genuine trade law system, in service of the idea that recovering consent in trade law can promote human flourishing on a global scale.
Using an innovative methodological approach combining field experiments, case studies, and statistical analyzes, this book explores how the religious beliefs and institutions of Catholics and Muslims prompt them to be generous with their time and resources. Drawing upon research involving more than 1,000 Catholics and Muslims in France, Ireland, Italy, and Turkey, the authors examine Catholicism and Islam in majority and minority contexts, discerning the specific factors that lead adherents to help others and contribute to social welfare projects. Based on theories from political science, economics, religious studies and social psychology, this approach uncovers the causal connections between religious community dynamics, religious beliefs and institutions, and socio-political contexts in promoting or hindering the generosity of Muslims and Catholics. The study also provides insight into what different religious beliefs mean to Muslims and Catholics, and how they understand those concepts.
Academics and practitioners from a range of institutions across Europe provide a cutting-edge, practical, and comprehensive review on the financing of entrepreneurial ventures. From sourcing and obtaining funds, to financial tools for growing and managing the financial challenges and opportunities of the startup, Entrepreneurial Finance: The Art and Science of Growing Ventures is an engaging text that will equip entrepreneurs, students and early-stage investors to make sound financial decisions at every stage of a business' life. Largely reflecting European businesses and with a European perspective, the text is grounded in sound theoretical foundations. Case studies and success stories as well as perspectives from the media and from experts provide real-world applications, while a wealth of activities give students abundant opportunities to apply what they have learned. A must-have text for both graduate and undergraduate students in entrepreneurship, finance and management programs, as well as aspiring entrepreneurs in any field.
Translated into English for the first time, Luhmann's modern classic, Organization and Decision, explores how organizations work; how they should be designed, steered, and controlled; and how they order and structure society. Luhmann argues that organization is order, yet indeterminate. In this book, he shows how this paradox enables organizations to embed themselves within society without losing autonomy. In developing his autopoietic perspective on organizations, Luhmann applies his general theory of social systems by conceptualizing organizations as self-reproducing systems of decision communications. His innovative and interdisciplinary approach to the material (spanning organization studies, management and sociology) is integral to any study of organizations. This new translation, edited by one of the world's leading experts on Luhmann, enables researchers and graduate students across the English-speaking world to access Luhmann's ideas more readily.
Our economy is neither overwhelmingly capitalist, as Marxist political economists argue, nor overwhelmingly a market economy, as mainstream economists assume. Both approaches ignore vast swathes of the economy, including the gift, collaborative and hybrid forms that coexist with more conventional capitalism in the new digital economy. Drawing on economic sociology, anthropology of the gift and heterodox economics, this book proposes a groundbreaking framework for analysing diverse economic systems: a political economy of practices. The framework is used to analyse Apple, Wikipedia, Google, YouTube and Facebook, showing how different complexes of appropriative practices bring about radically different economic outcomes. Innovative and topical, Profit and Gift in the Digital Economy focusses on an area of rapid social change while developing a theoretically and politically radical framework that will be of continuing long-term relevance. It will appeal to students, activists and academics in the social sciences.
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