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Books > Business & Economics > Economics > Microeconomics > General

Technology and Industrial Development in Japan - Building Capabilities by Learning, Innovation and Public Policy (Paperback):... Technology and Industrial Development in Japan - Building Capabilities by Learning, Innovation and Public Policy (Paperback)
Hiroyuki Odagiri, Akira Goto
R712 Discovery Miles 7 120 Shipped within 20 - 25 working days

Japan was the first major non-western nation to take on board the Western technological and organizational advances of the century after the fist industrial revolution. It subsequently proved fully able to exploit and contribute to the broad, sustained technological advances that began in the twentieth century, as science became harnessed to technology. Japan's economic development remains a model for many technologically less advanced countries which have not yet mastered modern technology to organizational forms; and a knowledge of Japanese technological and economic history can contribute importantly to our understanding of economic growth in the modern era. This book studies the industrial development of Japan since the mid-nineteenth century, with particular emphasis on how the various industries built technological capabilities. The Japanese were extraordinarily creative in searching out and learning to use modern technologies, and the authors investigate the emergence of entrepreneurs who began new and risky businesses, how the business organizations evolved to cope with changing technological conditions, and how the managers, engineers and workers acquired organizational and technological skills through technology importation, learning-by-doing, and their own R&D activities. The book investigates the interaction between private entrepreneural activities and public policy, through a general examination of economic and industrial development, a study of the evolution of management systems, and six industrial case studies: textiles, iron and steel, electrical and communications equipment, automobiles, shipbuilding and aircraft, and pharmaceuticals. The authors show how the Japanese government has played an important supportive role in the continuing innovation, without being a substitute for aggressive business enterprise constantly venturing into unfamiliar terrains.

Gender and Work in Global Value Chains - Capturing the Gains? (Paperback): Stephanie Barrientos Gender and Work in Global Value Chains - Capturing the Gains? (Paperback)
Stephanie Barrientos
R608 Discovery Miles 6 080 Shipped within 20 - 25 working days

This book focuses on the changing gender patterns of work in a global retail environment associated with the rise of contemporary retail and global sourcing. This has affected the working lives of hundreds of millions of workers in high-, middle- and low-income countries. The growth of contemporary retail has been driven by the commercialised production of many goods previously produced unpaid by women within the home. Sourcing is now largely undertaken through global value chains in low- or middle-income economies, using a 'cheap' feminised labour force to produce low-price goods. As women have been drawn into the labour force, households are increasingly dependent on the purchase of food and consumer goods, blurring the boundaries between paid and unpaid work. This book examines how gendered patterns of work have changed and explores the extent to which global retail opens up new channels to leverage more gender-equitable gains in sourcing countries.

The Economics of Public Health - Evaluating Public Health Interventions (Hardcover, 1st ed. 2018): Heather Brown The Economics of Public Health - Evaluating Public Health Interventions (Hardcover, 1st ed. 2018)
Heather Brown
R1,862 R1,660 Discovery Miles 16 600 Save R202 (11%) Shipped within 20 - 25 working days

Non-communicable diseases have surpassed infectious diseases as the leading cause of morbidity and mortality in developed countries. Prevention and treatment of the causes and consequences of lifestyle-related diseases forms an important part of health policy in the twenty-first century. Public health economics - from quantifying the problem, to evaluating interventions and developing toolkits to assist decision makers - is an essential area for any postgraduate student and researcher with an interest in applied economics to understand. There are a wide range of techniques from mainstream economics and health economics that can be applied to the evaluation of public health policy and public health issues. In this book, Brown presents examples from developed countries to illustrate how economic tools can be applied to public health. Further, cross-country comparisons illustrate how contextual factors related to healthcare systems, demographics and environmental factors may impact on outcomes and the cost-effectiveness of public health policies, in order to aid understanding and help students apply theory into practice.

The Exploration of Microeconomics, International Edition (Paperback, 6th edition): Robert Sexton The Exploration of Microeconomics, International Edition (Paperback, 6th edition)
Robert Sexton
R1,012 R852 Discovery Miles 8 520 Save R160 (16%) Shipped within 20 - 25 working days

The Exploration of Microeconomics, 6/e, International Edition is not a traditional encyclopedic text filled with technical details. Rather, it is an engaging, modern, back-to-basics book designed to promote economic literacy and help students appreciate how economics affects their everyday lives. This reader-friendly text includes innovative learning tools, a visually appealing design, and captivating content to encourage students to read the chapters eagerly and help them master the material more easily. Packed with examples from current events and pop culture, The Exploration of Microeconomics, 6/e, International Edition succeeds like no other text in making economics less intimidating and achieving the author's primary goal: conveying the real-world relevance of economics and inspiring in students the same excitement he felt when taking his first economics class.

Modeling Strategic Behavior: A Graduate Introduction To Game Theory And Mechanism Design (Hardcover): George J. Mailath Modeling Strategic Behavior: A Graduate Introduction To Game Theory And Mechanism Design (Hardcover)
George J. Mailath
R2,449 R2,273 Discovery Miles 22 730 Save R176 (7%) Shipped within 20 - 25 working days

It is impossible to understand modern economics without knowledge of the basic tools of gametheory and mechanism design. This book provides a graduate-level introduction to the economic modeling of strategic behavior. The goal is to teach Economics doctoral students the tools of game theory and mechanism design that all economists should know.

Business Cycles - History, Theory and Investment Reality (Hardcover, 3rd Edition): Lars Tvede Business Cycles - History, Theory and Investment Reality (Hardcover, 3rd Edition)
Lars Tvede
R1,667 R1,504 Discovery Miles 15 040 Save R163 (10%) Shipped within 20 - 25 working days

During our lifetime we experience any number of business cycle crises which undermine our confidence and lead many to their ruin. We also experience the 'happy days' when our faith in the future becomes almost limitless, and when we forget that tides always turn again. So how can we better understand and predict these cycles?

To answer these questions Lars Tvede takes us through a story that moves back in time to the Scottish gambler and financial genius, John Law, and then on to the distracted Adam Smith, the stockbroker Ricardo, the investment banker Thornton, the extrovert Schumpeter, the speculator Gould and many others to trace the theory and reality of business cycles, as it has evolved over 300 years. Gradually we reach the computer jugglers of the modern day who, with giant networks of equations, try to solve the same questions that have attracted the attention of classical economists throughout the centuries.

Lars Tvede concludes this historical journey with a summary of what the core of the problem is and how modern understanding of business cycles can be used to forecast economic fluctuations.

The final sections of the book provide detailed studies and explanations to of how stocks, bonds, hedge funds, private equity funds, gold, diamonds, exchange rates, real estate, commodities, art and collectibles, and numerous sub-sectors of some of these markets each behave over different categories of business cycles.

Networked Consumers - Dynamics of Interactive Consumers in Structured Environments (Hardcover): Steven Silver Networked Consumers - Dynamics of Interactive Consumers in Structured Environments (Hardcover)
Steven Silver
R1,572 Discovery Miles 15 720 Shipped within 20 - 25 working days

Personal consumption accounts for two thirds of GDP, yet recent economic events have emphasised our limited ability to translate consumption patterns into policy. Steven Silver analyses this understudied area, exploring the network memberships that emerge from our everyday lives, and the consumption patterns these create.

Plundered Nations? - Successes and Failures in Natural Resource Extraction (Paperback): Paul Collier, Tony Venables Plundered Nations? - Successes and Failures in Natural Resource Extraction (Paperback)
Paul Collier, Tony Venables
R1,345 Discovery Miles 13 450 Shipped within 20 - 25 working days

The study of natural resource extraction in resource-rich countries often shows that plunder, rather than prosperity, has become the norm. Management of natural resources differs widely in every state; a close examination of the decision making chains in various states highlights the key principles that need to be followed to avoid distortion and dependence.
This book consists of eight case studies investigating the political economy of the decision chain, revealing where various states have met with success, or failed disastrously. This original research provides a unique insight into how different countries have handled their resource extraction.
This book is essential reading for students, researchers and policy makers working across development economics and natural resource economics.

A Theory of the Producer-Consumer Household - The New Keynesian Perspective on Self-Employment (Hardcover): Yoshihiro Maruyama,... A Theory of the Producer-Consumer Household - The New Keynesian Perspective on Self-Employment (Hardcover)
Yoshihiro Maruyama, Tadashi Sonoda
R2,005 Discovery Miles 20 050 Shipped within 20 - 25 working days

The quick recovery of Asian economies from the recent global recession can be partly attributed tothe effect of positive aggregate-demand externalitiesin their self-employment sectors, which are overwhelmingly large in these economies. This book undertakes a behavioural analysis of self-employing producers to lay a microeconomic foundation for this effect, particularly in cases where markets are not perfectly competitive, as is the case during aggregate economic contractions. Where some marketsare not perfectly competitive, the market prices and rates fail to be relevant and internal prices and rates are instead formed toaid theorganization of family firm and consumption choice. The effects of these externalitiesare explored in this volume; the authors undertake a detailed analysis of records of labour force surveys, national incomes and product accounts of selected economies.

Schaum's Outline of Microeconomics, Fourth Edition (Paperback, 4th edition): Dominick Salvatore Schaum's Outline of Microeconomics, Fourth Edition (Paperback, 4th edition)
Dominick Salvatore
R561 R441 Discovery Miles 4 410 Save R120 (21%) 15 working days

The ideal review for your microeconomics course

More than 40 million students have trusted Schaum's Outlines for their expert knowledge and helpful solved problems. Written by renowned experts in their respective fields, Schaum's Outlines cover everything from math to science, nursing to language. The main feature for all these books is the solved problems. Step-by-step, authors walk readers through coming up with solutions to exercises in their topic of choice. 896 solved problems Outline format supplies a concise guide to the standard college course in microeconomics Clear, concise explanations of all Microeconomics concepts Complements and supplements the major microeconomics textbooks Appropriate for the following courses: Principles of Microeconomics, Intermediate Microeconomics, Introduction to Economics, Microeconomic Theory

Moving Beyond Storytelling - Emerging Research in Microfinance (Hardcover, New): Todd A. Watkins, Karen Hicks Moving Beyond Storytelling - Emerging Research in Microfinance (Hardcover, New)
Todd A. Watkins, Karen Hicks
R2,131 R2,010 Discovery Miles 20 100 Save R121 (6%) Shipped within 20 - 25 working days

Despite the promise for international development, despite the proven track record of exceptional loan repayment rates, and despite the development of competitive markets in countries like Bolivia, Peru and Bangladesh or the global expansion of microfinance access to tens of millions of new clients, little research has explored the impact this expansion has had on global poverty and economic and social development in general. To address this gap, this volume brings together leaders in the microfinance industry and researchers representing a range of academic disciplines. Our goal is to outline a multidisciplinary research agenda for the field. The topics addressed in this volume and the questions posed can serve to guide social scientists, technology experts, development specialists, investors, microfinance practitioners, policymakers and students.

Handbook of Macroeconomics, Volume 2A (Hardcover): John B Taylor, Harald Uhlig Handbook of Macroeconomics, Volume 2A (Hardcover)
John B Taylor, Harald Uhlig
R2,883 R2,147 Discovery Miles 21 470 Save R736 (26%) Shipped within 20 - 25 working days

Handbook of Macroeconomics surveys all major advances in macroeconomic scholarship since the publication of Volume 1 (1999), carefully distinguishing between empirical, theoretical, methodological, and policy issues. It courageously examines why existing models failed during the financial crisis, and also addresses well-deserved criticism head on. With contributions from the world's chief macroeconomists, its reevaluation of macroeconomic scholarship and speculation on its future constitute an investment worth making.

Microeconometrics and MATLAB: An Introduction (Hardcover): Abi Adams, Damian Clarke, Simon Quinn Microeconometrics and MATLAB: An Introduction (Hardcover)
Abi Adams, Damian Clarke, Simon Quinn
R2,376 Discovery Miles 23 760 Shipped within 20 - 25 working days

This book is a practical guide for theory-based empirical analysis in economics that guides the reader through the first steps when moving between economic theory and applied research. The book provides a hands-on introduction to some of the techniques that economists use for econometric estimation and shows how to convert a selection of standard and advanced estimators into MATLAB code. The book first provides a brief introduction to MATLAB and its syntax, before moving into microeconometric applications studied in undergraduate and graduate econometrics courses. Along with standard estimation methods such as, for example, Method of Moments, Maximum Likelihood, and constrained optimisation, the book also includes a series of chapters examining more advanced research methods. These include discrete choice, discrete games, dynamic models on a finite and infinite horizon, and semi- and nonparametric methods. In closing, it discusses more advanced features that can be used to optimise use of MATLAB, including parallel computing. Each chapter is structured around a number of worked examples, designed for the reader to tackle as they move through the book. Each chapter ends with a series of readings, questions, and extensions, designed to help the reader on their way to adapting the examples in the book to fit their own research questions.

Microeconometrics and MATLAB: An Introduction (Paperback): Abi Adams, Damian Clarke, Simon Quinn Microeconometrics and MATLAB: An Introduction (Paperback)
Abi Adams, Damian Clarke, Simon Quinn
R1,070 R1,011 Discovery Miles 10 110 Save R59 (6%) Shipped within 20 - 25 working days

This book is a practical guide for theory-based empirical analysis in economics that guides the reader through the first steps when moving between economic theory and applied research. The book provides a hands-on introduction to some of the techniques that economists use for econometric estimation and shows how to convert a selection of standard and advanced estimators into MATLAB code. The book first provides a brief introduction to MATLAB and its syntax, before moving into microeconometric applications studied in undergraduate and graduate econometrics courses. Along with standard estimation methods such as, for example, Method of Moments, Maximum Likelihood, and constrained optimisation, the book also includes a series of chapters examining more advanced research methods. These include discrete choice, discrete games, dynamic models on a finite and infinite horizon, and semi- and nonparametric methods. In closing, it discusses more advanced features that can be used to optimise use of MATLAB, including parallel computing. Each chapter is structured around a number of worked examples, designed for the reader to tackle as they move through the book. Each chapter ends with a series of readings, questions, and extensions, designed to help the reader on their way to adapting the examples in the book to fit their own research questions.

Health and socio-economic status over the life course - First results from SHARE Waves 6 and 7 (Hardcover): Axel Boersch-Supan,... Health and socio-economic status over the life course - First results from SHARE Waves 6 and 7 (Hardcover)
Axel Boersch-Supan, Johanna Bristle, Karen Andersen-Ranberg, Agar Brugiavini, Florence Jusot, …
R1,978 R1,755 Discovery Miles 17 550 Save R223 (11%) Shipped within 20 - 25 working days

Health in later life is shaped by behavior and policies over the life course and reflects the differences between the societies in which we are ageing. This multidisciplinary book answers questions from all life course phases and its interconnections from a European perspective based on the most recent SHARE data, such as: How is our health related to personality traits and influenced by our childhood conditions and careers? Which role does our social network play? Which impacts of the different health care and societal regimes can we trace at older ages? Which are the differences and similarities across European countries?

Business Cycles and Equilibrium (Hardcover, Updated Edition): Fischer Black Business Cycles and Equilibrium (Hardcover, Updated Edition)
Fischer Black
R927 R745 Discovery Miles 7 450 Save R182 (20%) 15 working days

An updated look at what Fischer Black's ideas on business cycles and equilibrium mean today

Throughout his career, Fischer Black described a view of business fluctuations based on the idea that a well-developed economy will be continually in equilibrium. In the essays that constitute this book, which is one of only two books Black ever wrote, he explores this idea thoroughly and reaches some surprising conclusions.

With the newfound popularity of quantitative finance and risk management, the work of Fischer Black has garnered much attention. "Business Cycles and Equilibrium"-with its theory that economic and financial markets are in a continual equilibrium-is one of his books that still rings true today, given the current economic crisis. This "Updated Edition" clearly presents Black's classic theory on business cycles and the concept of equilibrium, and contains a new introduction by the person who knows Black best: Perry Mehrling, author of "Fischer Black and the Revolutionary Idea of Finance" (Wiley). Mehrling goes inside Black's life to uncover what was occurring during the time Black wrote "Business Cycles and Equilibrium," while also shedding light on what Black would make of today's financial and economic meltdown and how he would best advise to move forward.

The essays within this book reach some interesting conclusions concerning the role of equilibrium in a developed economyWarns about the use and abuse of modelingExplains the risky business of risk in a straightforward and accessible styleContains chapters dedicated to "the effects of uncontrolled banking," "the trouble with econometric models," and "the effects of noise on investing"Includes commentary on Black's life and work at the time "Business Cycles and Equilibrium" was written as well as insight as to what Black would make of the current financial meltdown

Engaging and informative, the "Updated Edition" of "Business Cycles and Equilibrium" will give you a better understanding of what is really going on during these uncertain and volatile financial times.

Pluralistic Economics and Its History (Paperback): Ajit Sinha, Alex M. Thomas Pluralistic Economics and Its History (Paperback)
Ajit Sinha, Alex M. Thomas
R752 Discovery Miles 7 520 15 working days

This volume is a history of economics - as it was interpreted, discussed and established as a discipline - in the 20th century. It highlights the pluralism of the discipline and brings together leading voices in the field who reflect on their lifelong work. The chapters draw on a host of traditions of economic thought, including pre-classical, classical, Marxian, neoclassical, Sraffian, post-Keynesian, Cantabrigian and institutionalist traditions in economics. Further, the volume also looks at the history of economics in India and its evolution as a discipline since the country's independence. This book will appeal to students, researchers and teachers of economics and intellectual history, as well as to the interested general reader.

A Concise Handbook of the Indian Economy in the 21st Century (Paperback, 2nd Revised edition): Ashima Goyal A Concise Handbook of the Indian Economy in the 21st Century (Paperback, 2nd Revised edition)
Ashima Goyal
R700 Discovery Miles 7 000 Shipped within 20 - 25 working days

After liberalization in the 1990s, growth rates were higher but were more volatile. The countries that did manage to sustain a high rate of growth followed a pragmatic reform path, which was neither a pure market nor a government-led approach. However, such pragmatic reform requires a deep knowledge of the economy derived from careful fact-based research. This volume contributes to the required knowledge on a range of issues such as drivers of growth, domestic reforms compared to external reforms, macroeconomic policy coordination, macroeconomic policy institutions and practices, the effect of openness and of global economic integration, poverty and the degree of inclusion, bottlenecks in infrastructure, and the performance of major sectors such as agriculture, industry and finance. The essays provide a finer understanding of the interaction between domestic strengths, external opportunities and government interventions.

Information Economics (Paperback, New): Urs Birchler, Monika Butler Information Economics (Paperback, New)
Urs Birchler, Monika Butler
R1,494 Discovery Miles 14 940 Shipped within 20 - 25 working days


This new text book by Urs Birchler and Monika Butler is an introduction to the study of how information affects economic relations. The authors provide a narrative treatment of the more formal concepts of Information Economics, using easy to understand and lively illustrations from film and literature and nutshell examples.
The book first covers the economics of information in a 'man versus nature' context, explaining basic concepts like rational updating or the value of information. Then in a 'man versus man' setting, Birchler and Butler describe strategic issues in the use of information: the make-buy-or-copy decision, the working and failure of markets and the important role of outguessing each other in a macroeconomic context. It closes with a 'man versus himself' perspective, focusing on information management within the individual.

This book also comes with a supporting website (www.alicebob.info), maintained by the authors.

Sports Economics Uncut (Hardcover): Brian Goff Sports Economics Uncut (Hardcover)
Brian Goff
R1,923 Discovery Miles 19 230 Shipped within 20 - 25 working days

"Sport has the power to change the world." Sports Economics Uncut expresses this insight from Nelson Mandela, exploring sports as a fascinating mirror of the world and a powerful agent of change. In this book, Brian Goff covers subjects ranging from the ebb and flow of racial discrimination, to inequality, law enforcement, managers and risky decisions, club membership, and politics. Much more than merely a review or synthesis, this work extends existing perspectives and explores provocative questions such as: how systematic is racial bias in pro sports today? Is all racial segregation in sports due to racial bias? How much are college athletes really worth, and is league parity really optimal? This book highlights the fascinating paradox of the modest revenues spent on sports but the enormous intangible value of it. The author explains how recent evidence of racial bias in sports actually illustrates how much ground has been gained in society on racial matters; how the scandals of college sports are a built-in feature of a world in which football and basketball athletes are worth millions; how athletic skill can vary widely across and within regions and races, and how this can influence positioning decisions; and how managers reflect both traditional economic views of decision making and more recent behavioral views. While drawing from widespread academic studies, this is a lively presentation accessible to a wide audience, with extensive but easy to digest data. Students and scholars of sports economics, as well as those studying sports analysis or related areas, will find it an engaging and eye-opening read.

The Macrodynamics of Business Cycles - A Comparative Evaluation (Paperback): Mohammed Dore The Macrodynamics of Business Cycles - A Comparative Evaluation (Paperback)
Mohammed Dore
R1,145 R1,042 Discovery Miles 10 420 Save R103 (9%) Shipped within 20 - 25 working days

This book is a comparative evaluation of the main theories of business cycles. The book begins with a brief statistical description of US business cycles and proposes criteria, in Part One, for the evaluation of the theories based on the observed empirical regularities. Part Two is a full exposition of the new Classical theories of business cycles, the Lucas monetary misperceptions approach, as well as the so-called "real" business cycle approach based on outside shocks to the economy. This is followed by a detailed treatment of the "new" Keynesian business theory based on price rigidities and market imperfections. Part Three begins with an introductory chapter on concepts of nonlinear dynamics used in the rest of the book. This is followed by theories that explain the business cycle as a feature inherent to free enterprise economies. Three models are considered: the Kaldor model, the non-Walrasian Benassy model and the Goodwin model of integrated growth and cycle. The criteria developed earlier are used to assess the explanatory power of each theory. However each model is explained before it is formulated rigorously. The treatment is fully self-contained, with all intermediate steps in the argument, so that the book is made accessible to undergraduates. It should be of interest to graduate students and advanced undergraduate students in economics.

The Microfinance Revolution v. 2; Lessons from Indonesia (Paperback): The Microfinance Revolution v. 2; Lessons from Indonesia (Paperback)
R769 Discovery Miles 7 690 Shipped within 20 - 25 working days

The revolution occurring in finance for low-income people refers to commercial microfinance--the delivery of financial services to the economically active poor on a large scale through competing, financially self-sufficient institutions. 'Lessons from Indonesia', volume 2 of 'The Microfinance Revolution', examines in the Indonesian context the principles and practices of commercial microfinance that were explored and analyzed in volume 1. The first country to develop profitable microfinance on a large scale, Indonesia is home to the world's oldest and largest commercial microfinance institutions, as well as many others. The book examines many financial institutions, with a special emphasis on Bank Rakyat Indonesia's microbanking system, which in the mid-1980s was transformed from a failed subsidized credit program to a nationwide commercial financial intermediary that now profitably provides microfinance services--savings and credit--to more than 20 million people. Commercial microbanking remained stable and profitable in Indonesia even as the country's financial system collapsed during the recent crisis. This volume shows why, and offers crucial lessons for developing countries everywhere.

Angewandte Mikrooekonomie Und Wirtschaftspolitik - Mit Einer Einfuhrung in Die OEkonomische Analyse Des Rechts (German,... Angewandte Mikrooekonomie Und Wirtschaftspolitik - Mit Einer Einfuhrung in Die OEkonomische Analyse Des Rechts (German, Paperback, 2nd 2., Uberarbeitete Und Erweiterte Aufl. 2020 ed.)
Marc Scheufen
R685 R576 Discovery Miles 5 760 Save R109 (16%) Shipped within 20 - 25 working days

Dieses Lehrbuch versteht sich als eine anwendungsorientierte Einfuhrung in die Mikrooekonomie. Neben der klassischen Methodenvermittlung stehen vor allem die Anwendung dieser Methoden auf die Wirtschaftspolitik im Allgemeinen und die oekonomische Analyse des Rechts (insbesondere Patent-, Urheber-, Wettbewerbs- und Vertragsrecht) im Besonderen im Mittelpunkt.

Financial Econometrics - Models and Methods (Hardcover): Oliver Linton Financial Econometrics - Models and Methods (Hardcover)
Oliver Linton
R3,217 Discovery Miles 32 170 Shipped within 20 - 25 working days

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.

Debt Default and Democracy (Hardcover): Giuseppe Eusepi, Richard E. Wagner Debt Default and Democracy (Hardcover)
Giuseppe Eusepi, Richard E. Wagner
R2,174 Discovery Miles 21 740 Shipped within 20 - 25 working days

The original chapters in this book connect the microeconomic and macroeconomic approaches to public debt. Through their thought-provoking views, leading scholars offer insights into the incentives that individuals and governments may have in resorting to public debt, thereby promoting a clearer understanding of its economic consequences. The authors explore public debt along two distinct but complementary analytical paths. One path concerns microeconomic aspects of public debt as it emerges through budgetary processes where individuals respond to the costs and gains of different courses of action. The other concerns the systemic properties of rational individuals acting within a democratic system of political economy. Within this scheme of thought, the two levels of analysis are integrated by recognition that efforts to control macro-level outcomes must address the micro-level circumstances and conditions that promote public debt as systemic budgetary outcomes. Scholars and students, as well as policy makers in public debt and political economy, will find this critical resource invaluable to understanding this vital issue.

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