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Networks of relationships help determine the careers that people choose, the jobs they obtain, the products they buy, and how they vote. The many aspects of our lives that are governed by social networks make it critical to understand how they impact behavior, which network structures are likely to emerge in a society, and why we organize ourselves as we do. In "Social and Economic Networks," Matthew Jackson offers a comprehensive introduction to social and economic networks, drawing on the latest findings in economics, sociology, computer science, physics, and mathematics. He provides empirical background on networks and the regularities that they exhibit, and discusses random graph-based models and strategic models of network formation. He helps readers to understand behavior in networked societies, with a detailed analysis of learning and diffusion in networks, decision making by individuals who are influenced by their social neighbors, game theory and markets on networks, and a host of related subjects. Jackson also describes the varied statistical and modeling techniques used to analyze social networks. Each chapter includes exercises to aid students in their analysis of how networks function.
This book is an indispensable resource for students and researchers in economics, mathematics, physics, sociology, and business.
This important book provides a systematic and quantitative analysis of the development of the software industry: the major growth industry in advanced economies of the world. It presents the results of a comprehensive set of industry surveys to shed light on the differences in specialization and performance of US and European software firms. Salvatore Torrisi analyses the development of the software industry within the context of theories of technical change. He interprets exhaustive surveys of firms participating in software industries conducted between 1990 and 1997. These reveal the main characteristics of innovation activities in software, including the characteristics of product and process innovations, the sources of technological change within firms, the instruments for the protection of innovation and the nature of innovative skills. The author also compares the historical evolution of software activities in Europe and in the United States and explains the differences in specialization and performance in terms of the geographical proximity to leading hardware manufacturers, the size of the domestic market, regulation and public policies, including property rights and anti-trust. This unparalleled book will be required reading for academics interested in industrial organisation and the economics of innovation.
Rapid technological developments in communications and transportation, economic liberalization and the emergence of new economies with vast market potential have changed the shape of international production. This scholarly selection of articles represents some of the most important contributions to an understanding of this ongoing, global economic restructuring and its impact on the geographic configuration of production and the economic competitiveness of nations in the world economy.
This book makes an important contribution at the forefront of business cycle theory. The contributors evaluate historical evidence, present new empirical results and suggest that the explanation of business cycle phenomena may, in part, depend on the way in which historical data is interpreted. This innovative book places great emphasis on the complementarity between empirical and theoretical business cycle research. The authors present studies of business cycles concentrating on the Great Depression of the 1930s, early and late nineteenth century American economic history, the United Kingdom before 1914, interwar Germany and Japan, and Canada and the United States during the Gold Standard era. A number of contributions address the Phillips curve and labour markets, and provide illustrations of the use of both macro and micro data. An important finding is the contribution to business cycle research made by hitherto untouched sources of historical labour market microdata. The book demonstrates the importance of the reconstruction of well researched data to our conception and understanding of business cycle phenomena. This book will be useful reading for academics and students of macroeconomics and economic history, with an interest in understanding business cycles.
This important volume sheds new light on the ideas and policies of John Maynard Keynes. It presents nineteen contributions from an outstanding group of international economists who aim to understand Keynes as an economist whose work is still influential in both academic research and in more popular economic thought. Although it is over fifty years since John Maynard Keynes passed away, and over sixty years ago that The General Theory was published, his ideas and policies continue to exert an enormous influence on academic economics, as well as being used to solve economic problems faced in the world today, and no doubt, the years to come. The decline of interest in Keynes and his policies during the 1970s has been replaced in the late eighties and nineties by a revival in academic interest, as well as the use of his policy suggestions to solve current economic problems. Divided into five sections, this book considers not only Keynes's theoretical contributions, but also his policies for money management, unemployment, wages and prices, and global governance and the state. As distinct from most other available volumes, this book examines Keynes's thoughts and policies in the context of the current economic climate as well as from the perspective of future economic problems, and how to remedy them. This important book will be of interest to graduate students, research scholars and academics interested in macroeconomics, the history of economic thought, Keynesian and post Keynesian thought.
Price Theory and its Applications is an authoritative collection of influential papers which illustrate with unusual force the uses and techniques of applied price theory. The collection includes articles by Nobel laureates as well as less well-known economists and covers North America, Europe, Australia, Africa and Asia. The articles selected display a variety of techniques from verbal exposition through geometric methods to sophisticated mathematical techniques such as optimal control theory and game theory. The first section of the book provides an insight into the diversity of market institutions. Some classic questions in market dynamics are addressed in section two, which is followed by a section on the rationale and consequences of government interventions. Various aspects of monopoly power are explored in the next three sections which cover cartels and monopolies, so-called 'natural monopoly' situations and monopolistically competitive markets. In conclusion a more light-hearted example is offered.
Transport networks are becoming increasingly important now that free trade, open access, increased competition and greater market orientation are fundamental to the current restructuring of Europe. Infrastructure networks are the corner stones of European integration and this book provides a comprehensive overview of the current concepts and policies which are being examined by researchers, government officials and policy makers. Transport Networks in Europe explores current debates and presents new proposals for well-functioning infrastructure networks. Key issues discussed include: * regional development * congestion * urban transport policy * private-public cooperation * environmental sustainability * transport borders and barriers The authors place emphasis on sustainable transport and provide a wide spectrum of policy recommendations for sustainable transport networks at the European, national and urban levels. The growing significance of transport networks in the European Union will ensure that this timely book is an essential companion for those actively engaged in transport policy formulation and implementation. It will also be welcomed by transport analysts, geographers and regional scientists.
Housing is an important commodity in the national accounts of all countries and has generated a high quality specialised literature. The papers in this scholarly collection span a thirty-five year period from 1960 when the field of housing economics was just beginning to attract attention. Topics covered include housing and urban spatial structures, housing supply, the analysis of housing demand and empirical and theoretical studies of housing quality and prices. One of the features which complicates economic analysis of housing is the severe regulation of the housing and land markets; the implications of such controls, including rent control, local taxes and housing subsidies are investigated, as are the effects of property taxes and the provision of public services on housing choice. The articles in the final section cover recent research on the linkage between housing markets and financial markets, a subject which is currently of intense interest to economists in this field.
This authoritative book, bringing together the reports of the Competitiveness Advisory Group, identifies actions to improve European competitiveness politically, economically and socially. The objective is to raise living standards and maintain social cohesion. The Competitiveness Advisory Group has the mission of advising the European Commission and the Heads of State and Government of the European Union. The members of this independent group, which includes leading industrialists, trade unionists, politicians and academics, have adopted a 'bottom-up' approach, seeking to draw lessons from the experience of countries, industries and firms: they rely on 'benchmarking' in order to identify best practice. In the context of increasing interdependence of world trade and consequent globalization of the international economy new policy prescriptions are required for growth and employment, greater efficiency and higher standards of living. In relation to this, the Group discusses the need to close the worldwide technology gap, for Europe to develop deeper relations with the fast growing Asia Pacific region and argues for greater European solidarity in international trade negotiations. Within the European Union itself, it emphasizes the need to achieve the internal market for the free flow of goods, services and people. In addition, it stresses that Europe needs to catch-up, construct and eventually lead the development of the information society in which workers are recognized as a major asset to be invested in. The Group concludes that, although unemployment remains high, European competitiveness now has a brighter future with the movement towards economic and monetary union, and the enlargement of the European Union eastwards. This book will be essential reading for policymakers, government advisers, industrialists and academics concerned with the future of European economies and societies.
Technology and innovation are fundamental to economic success and the struggle for markets in an increasingly competitive world. This book draws together the latest research in the fields of technology, innovation and competitiveness from some of the world's leading academics. International in its approach, this book considers a wide range of topics including the globalization of research and technology and the effect of this on the product cycle, financial domination in the global economy and its consequences for structural competitiveness. It also examines the impact of the pooling of technology and science in Europe on the environment for new entrepreneurial initiatives. Special emphasis is placed on the policy implications of recent developments in technology, industry and the economy. Technology, Innovation and Competitiveness will be of interest to policy analysts as well as academics and students of economics, management and business studies.
Restructuring Eastern Europe brings together a distinguished group of scholars and experts who discuss the transition process in Eastern Europe at the microeconomic level. The restructuring and privatization of enterprises has not kept pace with the macroeconomic success that has been achieved in some formerly centrally planned countries. The contributors discuss the ideological, institutional, socio-political and financial problems resulting from the transition process. New insights into complex microeconomic issues such as the dispersion of foreign direct investment, privatization and company management, entrepreneurship and supply-chain development are also discussed. Special attention is paid to the roles of corporate governance, technological integration, the role of environmental and regional policies and the reform of the banking system. This innovative book presents a comprehensive overview of the varying levels of success of the policies of different countries. It will prove invaluable to research scholars, postgraduate students and officials in government agencies concerned with restructuring the economies of Eastern Europe.
This volume contains a collection of the most important articles on independent central banks and economic performance. The collection is comprehensive and divided into four parts: theoretical foundation of central banks independence, central bank independence, empirical evidence on central bank independence and determinants of central bank independence. The editor has prepared a new introduction discussing the main developments in this field. The volume will be a basic reference source for professors, lecturers, researchers, central bankers and other policymakers interested in studying the fundamental articles on central bank autonomy.
Microeconomics, Growth and Political Economy is the first of two volumes which collect together many of Professor Lipsey's writings on economics, some of which are previously unpublished or currently inaccessible. This book contains papers on economic growth and technical change, monetary and value theory, the theory of second best, international trade theory, political economy and methodology. A separate book, On the Foundations of Monopolistic Competition and Economic Geography, contains works on oligopoly and location theory, all coauthored with Curtis Eaton. The book begins with a new autobiographical introduction to the intellectual development, personal achievements and the fields of interest of Richard G. Lipsey and is divided into five parts. The first part considers various aspects of economic growth and technical change taking into account the structuralist view, markets and the globalization of the economy. Part two is concerned with the microeconomic issues of second-best theory and monetary and value theory. The third part looks at trade theory and surveys customs unions and competitiveness. Political economy is considered in the fourth part, which contains essays on topics such as the balance of payments, the survival of the market economy, international liquidity theory and American trade policy. The final part features papers on methodology. Microeconomics, Growth and Political Economy is an essential reference companion to the work of Richard G. Lipsey, one of the most important economists of our generation.
On the Foundations of Monopolistic Competition and Economic Geography presents important work by B. Curtis Eaton and Richard G. Lipsey on product differentiation, including studies of spatial differentiation and the industrial structures that give rise to this phenomenon. The book opens with an introductory overview essay and explains why the authors reject the neoclassical, competitive vision of the economy. The essays included cover issues such as: the theory of multinational plant location, product differentiation, monopoly, models of value theory, capital with special reference to entry and exit barriers and entry equilibrium, the existence of pure profit and the theory of market pre-emption. This volume will be welcomed by academics and researchers interested in the microeconomic issues of competition, monopoly, firm behaviour and markets.
A key element in the development and competitiveness of businesses rest on the management and enhancement of 'human resource'. Although it is a subject very much in vogue, the organisation of human resources is too rarely grounded in the relevant historical and comparative contexts which shape their practice. Furthermore, there is a need to counter the over-simplistic 'one best way' views and management exhortation so common to this topic, and historical comparisons offer insight into the nature, scale and long-term impact of trends, whilst uncovering the complex interaction of differing circumstance and 'optimum practice'. This important new two volume set presents key reading in paternalism and industrial welfare; employee relations and the professionalisation of management; Taylorism and flexibility: technological change and the division of labour; industrial training and skills; and labour and politics are covered in a theoretically informed and critical fashion.
This is a collection of articles on how the government influences the economy in order to secure re-election. The economy is steered such that unemployment and inflation are as low as possible, and the growth of real income as high as possible during the election period. The collection contains forerunners to the analysis of this phenomenon, surveys emphasizing different aspects, empirical and the major theoretical approaches (vote maximization, partisan, and vote-cum-partisan models and rational political business cycles. The collection provides extensions including the role of the central bank, of direct democracy and the particular cycles in East European communist countries. Finally, the policy relevance is discussed.
This important new book deals with some of the most fundamental issues of transaction cost economics. It focuses on the analysis of the internal nature and characteristics of organizations and on the subtle interactions between institutional environment and governance structures over time. Transaction Cost Economics investigates the nature of contractual arrangements involved in large organizations, the 'configurations' of corporations, the modes of governance implemented, and the respective role of different constituencies. The second series of problems addressed in the book concerns the interaction between the institutional environment and governance structures over time, with special emphasis on the Russian privatization programme and the narcotics market. These twin analyses substantiate the distinction between private and public ordering. The book is strongly oriented towards increasing the operationalization of the concepts of transaction cost economics. The book will be essential reading for everyone interested in the new institutional economics and by recent developments in the theory of contracts, in transaction costs economics and in organisation theory. Because of its emphasis on potential applications, it will also be of interest to readers from management science and those involved in the analysis of economies in transition.
The collection covers the foundations of business cycle theory from the mid-nineteenth century through to the work immediately affected by the publication of Keynes's General Theory. With the revival of interest in real business cycles in the last ten years, these volumes provide a substantial selection of the intellectual achievements in this area developed by previous generations; any of such achievements were temporarily obscured by the success of Keynes's work.
Regional Policy and Regional Integration reprints the most important papers on those government policies that have an intentional and formal geographic focus. These policies have typically been motivated by equity considerations such as reducing unemployment, increasing incomes, promoting structural adjustments or realizing development potentials. While the main objective of regional policy is to improve conditions in deprived areas, public resources must be used in such a way that these objectives are achieved efficiently. The topics covered in this important volume include regional integration and urban systems; income, amenities and welfare; infrastructure; manufacturing; services; innovative milieux; delineating planning regions and policy instruments.
The regulation of road transport externalities - environmental pollution, noise annoyance, accidents and congestion - is one of the most important issues in contemporary transport policies. The Economics of Regulating Road Transport explores welfare economic evaluations - in terms of efficiency as well as equity and social feasibility - of regulatory policies and policy mixes directly aimed at, or indirectly connected to the containment of market failures in road transport. The discussion ranges from static analyses at the level of individual actors and firms to the dynamic behaviour of large spatio-economic systems. Part one explores the economic rationale behind regulating road transport, part two investigates issues of efficiency in the regulation of road transport and part three discusses the issue of equity and social feasibility versus efficiency. This book will be of interest to students of environmental economics and transport economics and to transport and environmental policymakers at the local, regional, national and international level.
The theory of the firm is one of the most exciting fields of current economic research. Transaction cost theory, agency theory, contract theory and competency-based theories have all made important contributions. Both the classic and key contemporary papers are included hence The Theory of the Firm gathers together in one volume the major key thinking within the literature. The main topics covered are the scope and boundaries of the firm, international organization and information costs, vertical integration, growth competence and flexibility, the employment relation, inter-firm collaboration and networking. A substantial analytical introduction by Mark Casson provides a state-of-the-art review of current thinking in the area.
This book examines the many ways in which economic concepts, theories and models can be used to examine issues in higher education. The topics explored in the book include how students make college-going decisions, the payoffs to students and society from going to college, markets for higher education services, demand and supply in markets for higher education, why and how state and federal governments intervene in higher education markets, college and university revenues and expenditures, how institutions use net-pricing strategies and non-price product-differentiation strategies to pursue their goals and to compete in higher education markets, as well as issues related to faculty labor markets. The book is written for both economists and non-economists who study higher education issues and provides readers with background information and thorough explanations and illustrations of key economic concepts. In addition to reviewing the contributions economists have made to the study of higher education, it also examines recent research in each of the major topical areas. The book is policy-focused and each chapter analyses how contemporary higher education policies affect the behaviour of students, faculty and/or institutions of higher education. "Toutkoushian and Paulsen attempted a daunting task: to write a book on the economics of higher education for non-economists that is also useful to economists. A book that could be used for reference and as a textbook for higher education classes in economics, finance, and policy. They accomplish this tough balancing act with stunning success in a large volume that will serve as the go-to place for anyone interested in the history and current thinking on the economics of higher education." William E. Becker, Jr., Professor Emeritus of Economics, Indiana University
For years the small-firm sector of the economy remained an enigma. However, recently researchers have assembled a far better understanding of the economic role of small firms. One of the surprising findings is that small and medium-sized firms, and entrepreneurship, have become increasingly more important to the economies of both developed and developing countries than previously acknowledged. The purpose of these volumes is to bring together for the first time this diffuse and rich literature on the whole subject of small firms and economic growth. This volume will provide a basic resource for all those engaged with the subject as students, teachers and researchers.
Transaction cost economics began to take shape about 25 years ago. Although 25 years is comparatively young in the analytical scheme of things, numerous applications have been made and more are in prospect. Originally this work was intended to comprise of only one volume - it has however, evolved into two. Volume I deals with theory and concepts and volume II deals with applications and policy. This important two volume set contains a selection of key articles on transaction cost economics by distinguished scholars including Ronald Coase, Herbert Simon, Kenneth Arrow and Richard A. Posner. As well as addressing key areas such as private ordering and credibility, contracts and organization, internal organization, vertical integration and contracting, the editors have each compiled a new introduction to accompany the set.
Productivity Change, Public Goods and Transaction Costs presents in one definitive volume a selection of Yoram Barzel's acclaimed articles and papers. It will improve access to his many important contributions and reveals how his research interests have evolved over more than three decades. Focusing upon issues in microeconomics, this volume features pathbreaking articles and papers on production functions and productivity, optimal timing, labour, public choice, industrial organization, demand analysis, and property rights and transaction costs. Key contributions featured in this collection include 'Some Observations on the Index Number Problem', 'An Alternative Approach to the Analysis of Taxation', 'An Economic Analysis of Slavery' and 'Measurement Cost and the Organization of Markets'. As an introduction to this volume, Professor Barzel has prepared an autobiographical sketch in which he discusses his education, the development of his ideas and influences such as Don Patinkin, Douglass North and Aaron Director.
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