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Economic concepts and techniques presented through a series of "big questions," models that show how to pose a questions rigorously and work toward an answer. This book helps readers master economic concepts and techniques by tackling fundamental economic and political questions through a series of models. It is organized around a sequence of "big questions," among them: When do markets help translate individuals' uncoordinated, selfish actions into outcomes that are best for all? Do markets change people, and, if so, for worse or better? Translated into the language of modern economics, do Marx's ideas have merit? Why is there so much income inequality? Or is there too little? The arguments are in the theorem-proof format, distinguishing results derived in the context of fully specified models from educated speculation. Readers will learn how to pose a question rigorously and how to work toward an answer, and to appreciate that even (especially!) the broadest and most ambitious questions call for a model. The goal of the book is not to indoctrinate but to show readers how to reason toward their own conclusions. The first chapter, on the Walrasian model of general equilibrium, serves as the prerequisite for the rest of the book. The remaining chapters cover less conventional topics, including the morality of markets; matching theory; Marxism, socialism, and the resilience of markets; a formalization of Kant's categorical imperative; unintended consequences of policy design; and theories of justice. The book can be used as a textbook for advanced undergraduate or graduate students or as a resource for researchers in disciplines that draw on normative economics.
"As he usually does, Professor Buchanan has produced an interesting and provocative piece of work. [Cost and Choice] starts off as an essay in the history of cost theory; the central ideas of the book are traced to Davenport and Knight in the United States, and to a series of distinguished writers associated at various times with the London School of Economics. The author emerges from this discussion with what can be described as the ultimate in subjectivist cost doctrines. . . . Economists should learn the lessons offered to us in this little book--and learn them well. It can save them from serious errors."--William J. Baumol, Journal of Economic Literature
One of the most important functions of government--risk management--is one of the least well understood. Moving beyond the most familiar public functions--spending, taxation, and regulation--"When All Else Fails" spotlights the government's pivotal role as a risk manager. It reveals, as never before, the nature and extent of this governmental function, which touches almost every aspect of economic life.
In policies as diverse as limited liability, deposit insurance, Social Security, and federal disaster relief, American lawmakers have managed a wide array of private-sector risks, transforming both the government and countless private actors into insurers of last resort. Drawing on history and economic theory, David Moss investigates these risk-management policies, focusing in particular on the original logic of their enactment. The nation's lawmakers, he finds, have long believed that pervasive imperfections in private markets for risk necessitate a substantial government role. It remains puzzling, though, why such a large number of the resulting policies have proven so popular in a country famous for its anti-statism. Moss suggests that the answer may lie in the nature of the policies themselves, since publicly mandated risk shifting often requires little in the way of invasive bureaucracy. Well suited to a society suspicious of government activism, public risk management has emerged as a critical form of government intervention in the United States.
When it comes to explaining fundamental economic principles by drawing on current economic issues and events, there is no one more effective than Nobel laureate and New York Times columnist Paul Krugman and co-author, Robin Wells. In this best-selling introductory textbook, Krugman and Wells' signature storytelling style and uncanny eye for revealing examples help readers understand how economic concepts play out in our world. Microeconomics 5e provides unparalleled coverage of current topics, including sustainability, the economic impact of technology and pressing policy debates. A commitment to broadening students' understanding of the global economy; a global focus is woven throughout with more on the ascendance of China's economy, the Euro and events in Europe (including Brexit), and post-recession economies around the globe. Microeconomics is available with SaplingPlus, our integrated online learning system which combines powerful multimedia resources with an integrated e-Book, robust homework, and a wealth of interactives, creating an extraordinary new learning resource for students. Resources include: Graphing questions: Multi-step graphing questions are paired with helpful feedback to guide students through the process of problem solving News analysis features: pairs journalistic takes on pressing issues with questions based on Bloom's taxonomy Discovering Data activities help students develop data literacy through interpreting, analyzing, sharing, and reporting on data. Find out more about SaplingPlus at www.macmillanihe.com/sapling.
With the current global crisis, high levels of volatility in trade, capital flows, commodity prices, aid, and the looming threat of climate change, this book brings together high-quality research and presents conceptual issues and empirical results to analyze the determinants of the vulnerability to poverty in developing countries.
Microeconomics in Context lays out the principles of microeconomics in a manner that is thorough, up to date, and relevant to students. Like its counterpart, Macroeconomics in Context, the book is uniquely attuned to economic, social, and environmental realities. The "In Context" books offer affordability, accessible presentation, and engaging coverage of current policy issues from economic inequality and global climate change to taxes and globalization. Key features include: Clear explanations of basic concepts and analytical tools, with advanced models presented in optional chapter appendices; Presentation of policy issues in historical, environmental, institutional, social, political, and ethical contexts-an approach that fosters critical evaluation of the standard microeconomic models, such as welfare analysis, labor markets, and market competition; A powerful graphical presentation of various measures of well-being in the United States and other countries, including income inequality, taxes, educational attainment, and environmental quality; Broad definitions of well-being using both traditional economic metrics and factors such as environmental quality, health, equity, and political inclusion; Significantly revised chapters on globalization and trade, economic and social inequality, labor markets, and public goods; Expanded coverage of high-interest topics such as behavioral economics, labor markets, and economic discrimination; Full complement of instructor and student support materials online. This new edition also features more international data and analysis, and further material on the importance of economic power in shaping policy. The latest addition to the "In Context" series combines real-world relevance with a thorough grounding in multiple economic paradigms.
If you are a student on a business or management degree or diploma and taking a module which includes economics, then this text is written for you. The text covers the core economics that you will need as a business student, but also various business-related topics not typically covered in an introductory economics textbook, such as business organisation and strategy. Numerous cases and examples throughout the text illustrate how economics can be used to understand specific business problems or aspects of the business environment.
The proliferation of the internet has often been referred to as the fourth technological revolution. This book explores the diffusion of radical new communication technologies, and the subsequent transformation not only of products, but also of the organisation of production and business methods.
This book provides a detailed picture of the equity and efficiency of economic restructuring, focusing on the two most important successor states to the Soviet Union. Analysis is based on a careful examination of micro level data, documenting the experiences of workers, households and firms.
Long web copy This new edition of Essential Economics for Business presents the core principles of microeconomics and macroeconomics applied to the world of business while also looking at wider, topical business issues, such as business strategy, corporate social responsibility, ethics and the state of the global environment in which we live. Using up-to-date case studies the 5th edition examines everything from the impact of the financial crisis, to the effects of the Brexit vote in the UK, to popular distrust of globalisation, to the operation of specific businesses to illustrate how economic theory relates to real business issues. Looking for economics in action? Search online for the Sloman Economics News Site, a blog that's updated several times a week with current affairs and topical stories, all linked to your textbook so you can explore the background to the issues more deeply. Authors bio John Sloman was Director of the Economics Network from its foundation in 1999 until 2012, and is now Visiting Fellow at the University of Bristol where the Network is based. John is also Visiting Professor at the University of the West of England, Bristol. Elizabeth Jones is a Principal Teaching Fellow and the Dean of Students in the Economics Department at the University of Warwick. Elizabeth is also a Lecturer on economics courses for non-economists delivered to departments across the UK government.
The past thirty years have witnessed a transformation of government economic intervention in segments of industry throughout the world. Many industries historically subject to economic price and entry controls have been largely deregulated, including natural gas, airlines, and commercial banking. However, recent concerns about market power in restructured electricity markets, airline industry instability amid chronic financial stress, and the challenges created by the repeal of the Glass-Steagall Act have led to calls for renewed market intervention. Economic Regulation and Its Reform collects research that explores these and other issues surrounding government economic intervention, providing an assessment of the economic effects of regulatory reforms over the past three decades and examining how these insights bear on some of today's most significant concerns in regulatory policy.
Optimal Transport Methods in Economics is the first textbook on the subject written especially for students and researchers in economics. Optimal transport theory is used widely to solve problems in mathematics and some areas of the sciences, but it can also be used to understand a range of problems in applied economics, such as the matching between job seekers and jobs, the determinants of real estate prices, and the formation of matrimonial unions. This is the first text to develop clear applications of optimal transport to economic modeling, statistics, and econometrics. It covers the basic results of the theory as well as their relations to linear programming, network flow problems, convex analysis, and computational geometry. Emphasizing computational methods, it also includes programming examples that provide details on implementation. Applications include discrete choice models, models of differential demand, and quantile-based statistical estimation methods, as well as asset pricing models. Authoritative and accessible, Optimal Transport Methods in Economics also features numerous exercises throughout that help you develop your mathematical agility, deepen your computational skills, and strengthen your economic intuition. * The first introduction to the subject written especially for economists* Includes programming examples* Features numerous exercises throughout* Ideal for students and researchers alike
Truett and Truett's Eighth Edition shows how to use economic
analysis to solve problems and make effective decisions in the
complex world of business. The highly successful problem-solving
approach, clear and accurate presentation of economic theory, and
outstanding cases combine to make the best presentation of
managerial economics yet.
The most reader-friendly economics approach available, MICROECONOMICS FOR TODAY, 10E by national award-winning educator Irvin Tucker presents Macro and Micro economic concepts using a writing style that is both engaging and clear, no matter what your current level of economic understanding. A unique presentation and visual learning system, colorful graphs, and Causation Chains clarify and illustrate important economic principles. The book concisely presents and reinforces core concepts, while online resources immediately facilitate assessment of understanding, and will study the latest information on economic growth, income distribution, federal deficits, environmental issues, and other developments in economics today. The book's easy-to-follow format demonstrates how to apply principles to your everyday life, while numerous printed and digital study tools help you further master key current economic principles.
At the core of Professor North's investigation is the question of property rights, the arrangements individuals and groups have made through history to deal with the fundamental economic problem of scarce resources.
In six theoretical chapters, Professor North examines the structure of economic systems, outlines an economic theory of the state and the ideologies that undergird various modes of economic organization, and then explores the dynamic forces such as new technologies that cause institutions to adapt in order to survive. With this analytical framework in place, major phases in Western history come under careful reappraisal, from the origins of agriculture and the neolithic revolution through the political economy of the ancient and medieval worlds to the industrial revolution and the economic transformations of the twentieth century.
Structure and Change in Economic History is a work that will reshape many established explanations of the growth of the west.
An accessible analysis of the global expansion of financial markets in poor communities, incorporating the latest thinking and evidence. The microfinance revolution has allowed more than 150 million poor people around the world to receive small loans without collateral, build up assets, and buy insurance. The idea that providing access to reliable and affordable financial services can have powerful economic and social effects has captured the imagination of policymakers, activists, bankers, and researchers around the world; the 2006 Nobel Peace Prize went to microfinance pioneer Muhammed Yunis and Grameen Bank of Bangladesh. This book offers an accessible and engaging analysis of the global expansion of financial markets in poor communities. It introduces readers to the key ideas driving microfinance, integrating theory with empirical data and addressing a range of issues, including savings and insurance, the role of women, impact measurement, and management incentives. This second edition has been updated throughout to reflect the latest data. A new chapter on commercialization describes the rapid growth in investment in microfinance institutions and the tensions inherent in the efforts to meet both social and financial objectives. The chapters on credit contracts, savings and insurance, and gender have been expanded substantially; a new section in the chapter on impact measurement describes the growing importance of randomized controlled trials; and the chapter on managing microfinance offers a new perspective on governance issues in transforming institutions. Appendixes and problem sets cover technical material.
An introduction to advanced topics in microeconomics that emphasizes the intuition behind assumptions and results, providing examples that show how to apply theory to practice. This textbook offers an introduction to advanced microeconomic theory that emphasizes the intuition behind mathematical assumptions, providing step-by-step examples that show how to apply theoretical models. It covers standard topics such as preference relations, demand theory and applications, producer theory, choice under uncertainty, partial and general equilibrium, monopoly, game theory and imperfect competition, externalities and public goods, and contract theory; but its intuitive and application-oriented approach provides students with a bridge to more technical topics. The book can be used by advanced undergraduates as well as Masters students in economics, finance, and public policy, and by PhD students in programs with an applied focus. The text connects each topic with recent findings in behavioral and experimental economics, and discusses these results in context, within the appropriate chapter. Step-by-step examples appear immediately after the main theoretical findings, and end-of chapter exercises help students understand how to approach similar exercises on their own. An appendix reviews basic mathematical concepts. A separate workbook, Practice Exercises for Advanced Microeconomic Theory, offers solutions to selected problems with detailed explanations. The textbook and workbook together help students improve both their theoretical and practical preparation in advanced microeconomics.
Joseph Stiglitz is one of the world's greatest economists. He has made fundamental contributions to economic theory in areas such as inequality, the implications of imperfect and asymmetric information, and competition, and he has been a major figure in policy making, a leading public intellectual, and a remarkably influential teacher and mentor. This collection of essays influenced by Stiglitz's work celebrates his career as a scholar and teacher and his aspiration to put economic knowledge in the service of creating a fairer world. Toward a Just Society brings together a range of essays whose breadth reflects how Stiglitz has shaped modern economics. The contributions to this volume, all penned by high-profile authors who have been guided by or collaborated with Stiglitz over the last five decades, span microeconomics, macroeconomics, inequality, development, law and economics, and public policy. Touching on many of the central debates and discoveries of the field and providing insights on the directions that academic economics could take in the future, Toward a Just Society is an extraordinary celebration of the many paths Stiglitz has opened for economics, politics, and public life.
This core intermediate microeconomics textbook bridges the gap between today's theory and practice in microeconomics. As well as teaching economics, the authors are active microeconomics researchers, lending this title a strong empirical dimension. Case studies and plenty of examples from a range of sources show how microeconomic theory informs consumer and producer decision making in real situations. Students are enabled to test theory and successfully apply it, helping them to answer two critical questions; "Do people and firms really act as theory suggests?" and "How can someone use microeconomics in a practical way?". A comprehensive text, ideal for undergraduate Microeconomics courses.
Reengineering has captured the imagination of managers and shareholders alike, sending corporations on journeys of radical business redesign that have already begun to transfigure global industry. Yet aside from earning them improvements in their business performance, the shift into more-process-centered organizations is causing fundamental changes in the corporate world, changes that business leaders are only now beginning to understand. What will the revolutions final legacy be? Beyond Reengineering addresses this question, exploring reengineering's effects on such areas as:
Jobs: What does process-centering do to the nature of jobs? What does a process-centered workplace feel like?
Managers: What is the new role of the manager in a process-centered company?
Education: What skills are vital in the process-centered working world, and how can young or inexperienced workers prepare?
Society: What are the implications of process-centering for employment and the economy as a whole?
Investment: What are the characteristics of a successful 21st-century corporation?
An informed look at one of the most profound changes to ever sweep the corporate world, Beyond Reengineering is the business manual for the 21st century.
This book challenges the generally accepted theories of classical
economics, explaining why the expected utility theory, even if it
were true, fails to be of much help in solving economic
From identity theft to product recalls, from what we once thought of as unshakeable institutions to increasing concerns about sustainability, consumer issues are an integral part of modern life. This fully updated third edition of Consumer Economics offers students an accessible and thorough guide to the concerns surrounding the modern consumer and brings to light the repercussions of making uninformed decisions in today's economy. This definitive textbook introduces students to these potential issues and covers other key topics including consumer behavior, personal finance, legal rights and responsibilities, as well as marketing and advertising. Combining theory and practice, students are introduced to both the fundamentals of consumer economics and how to become better-informed consumers themselves. Highlights in this new edition include: New Critical Thinking Projects feature to encourage students to develop their critical thinking skills through analysing consumer issues. Expanded coverage of social media and the impact of social influence on consumers. Revised Consumer Alerts: practical advice and guidance for students to make smart consumer decisions. A new Companion Website with a range of presentation materials and exercises related to each chapter. Fully updated throughout, this textbook is suitable for students studying consumer sciences - what works, what doesn't, and how consumers are changing.
Economic Growth and the Environment explores the debate on how to reconcile economic growth with protection of the natural environment, and the closely related discussion on whether an increasing scarcity of natural resources will eventually force economic growth to cease. The debate focusses on whether environmental policies will benefit the economy or not, and is divided into growth optimists and growth pessimists. In general, economists have been optimistic and have pointed to the possibilities of technological progress and substitution, yet they also acknowledge that natural resources and environmental concern do restrict economic growth. The difficulty lies in quantifying the constraint to economic growth. Modern growth economists have constructed models to examine to what extent 'growth pessimism' is theoretically warranted. This book provides an introduction to some of these models, brings together the discussion between growth optimists and pessimists, and presents the theory behind their arguments. It aims to present models where both sides can meet and where both are able to derive expected results with the parameter values that they deem appropriate. From there, the discussions can turn to the empirical observations about these parameters. This book will be of interest to advanced undergraduates in economics, microeconomics, economic growth, sustainable development, and environmental economics. Each chapter concludes with a set of Exercises designed to help the reader master the models.
Microeconomics - individuals' choices of where to live and work, how much to save, what to buy, and firms' decisions about location, hiring, firing, and investment - involves issues that concern us on a daily basis. But when people think about economics, they tend to place importance on the bigger picture - macroeconomics - including issues such as unemployment, inflation, and the competitiveness of nations. In this Very Short Introduction, Avinash Dixit argues that the microeconomy has a large impact on the economic world, arguably as much as the issues of macroeconomics. Dixit steers a clear path through the huge number of issues related to microeconomics, explaining what happens when things go well, as well as showing how they fail, why that happens, and what can be done about it. Using real-life examples from around the world, using the minimum of mathematics and including simple graphs, he provides insights into economics from psychology and sociology to explain economic behaviour and rational choice. An ideal introduction for anyone interested in business and economics. ABOUT THE SERIES: The Very Short Introductions series from Oxford University Press contains hundreds of titles in almost every subject area. These pocket-sized books are the perfect way to get ahead in a new subject quickly. Our expert authors combine facts, analysis, perspective, new ideas, and enthusiasm to make interesting and challenging topics highly readable.
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