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David Laidler is one of the leading scholars in the history of economic thought and macroeconomics. This important collection brings together nineteen of his essays on topics in the history of macroeconomics. It begins with a paper on Adam Smith and ends with a discussion of the implications of Newclassical economists' ideas on the role of economic ideas in conditioning agents' activities. Other chapters deal with the major themes developed by monetary economists in the intervening years. Two of the essays appear in their current form for the first time, and several others are reprinted from difficult-to-obtain sources. They should be of interest not just to historians of economic thought, but also to economists more generally.
Understanding Macroeconomics, 14/e, International Edition reflects current economic conditions, enabling students to apply economic concepts to the world around them. The up-to-date text includes analysis and explanation of measures of economic activity in today's market. It also includes highlights of the recession of 2008-2009, and an in-depth look at the lives and contributions of notable economists. Understanding Macroeconomics, 14/e, International Edition dispels common economic myths. The text uses the invisible hand metaphor to explain economic theory, demonstrating how it works to stimulate the economy. The 14th edition includes a robust set of online multimedia learning tools. Tutorials, analyses and quizzes are designed to support classroom work and increase student performance. A full Aplia course, specifically created for Understanding Macroeconomics, 14/e, International Edition is also available.
In this book, a group of distinguished authors addresses three broad questions: what broad strategies and macroeconomic policies best support poverty reduction efforts in Asia; what role should targeted antipoverty interventions play, and how should such interventions be designed; and how is poverty measured, what new approaches are needed, and how does measurement affect our understanding of poverty. Each of these three broad themes is also considered together in chapters examining the poverty situations in a number of countries in Asia and the Pacific. The book represents a major scholarly contribution of the Asian Development Bank to the literature on poverty in the region it serves. The organization adopted poverty reduction as the principal objective of its lending in 1999. This book will be of interest to scholars and students of development economics and Asian studies, and will be useful reading for policymakers and development practitioners working in national, international or nongovernmental organizations. A Joint Publication with the Asian Development Bank
This important book analyses evolutionary approaches to economic policy. Its main purpose is to explore the policy implications of evolutionary economics, in particular of approaches inspired on the one hand by Schumpeter and revived by Nelson and Winter which deal with industrial evolution under constant institutions and, on the other hand, of approaches inspired by Hayek and North, which analyse the ways in which institutions themselves evolve. Hitherto evolutionary economists have paid little attention to policy issues, and the relatively few policy implications that they have produced are divergent. Whereas the Neo-Schumpeterian approach has often been used to support political interventions, the Hayekian viewpoint holds that economic policy detracts from economic performance. More systematic evolutionary analysis of economic policy is required if these one-sided findings are to be transcended. Furthermore, such analysis can be expected to develop a coherent theory of economic policy which will plug the gaps and rectify the errors (such as approval of socialist planning and Japanese industrial policies) of both neoclassical and alternative approaches to policy. Evolutionary economists and policy analysts will find this book of great interest, as will economists and students of economics who are interested in enlarging their views with excursions outside the standard curriculum.
This book argues that the shift in general equilibrium theory, from its early long-period to the modern very-short-period versions, has had very important consequences which are insufficiently appreciated by large parts of the economics profession. This shift has produced new difficulties, and has undermined central tenets of neoclassical macroeconomic theory (such as the negative dependence of aggregate investment on the interest rate, or the existence of a downward-sloping demand curve for labour) which had their basis in the long-period versions where capital was treated as a single factor. According to the author, what makes it difficult to appreciate these consequences is the current imperfect grasp of the long-period method (an approach common to classical and to the first generations of neoclassical economists, but nowadays often confused with steady-growth analysis). The origins of this problem date back to the 1930s, and to this day still obscure the history and the logic of the neoclassical approach. The book explains the analytical differences between long-period, steady-growth, and short-period general equilibrium analyses, and proves that on this basis considerable clarification can be achieved, not only in many aspects of the history of economic theory, but also in fundamental issues in the theories of value, distribution, capital, investment, employment and money. For example, the reasons for the disagreements in the `Cambridge controversies' over capital theory become very apparent. This stimulating critique on the present state of economic theory will appeal to academics and researchers with an interest in macroeconomics, the history of economic thought, and the theory of value and distribution. It will also enlighten and inform anyone wanting to understand the reasons behind the current dissatisfaction with neoclassical economics.
The studies included in these two volumes have been selected to highlight key recent contributions to scholarship on the political economy of international monetary relations. Over the last decade, the central theme of research in this area has been the growth and increasingly pervasive influence of capital mobility. The papers collected here have significantly advanced theoretical and analytical understanding of the causes and, even more importantly, the political and economic consequences of financial liberalization. Among the issues addressed are the impact of growing capital mobility on domestic policy, the choice of exchange-rate regimes and monetary institutions, governance of international capital, policy cooperation and monetary integration. These volumes will be of particular interest to specialists in international political economy. 34 articles, dating from 1993 to 2002
The Distribution of Wealth is the first book to provide a comprehensive treatment of the personal distribution of wealth. Michael Schneider uses data from fifteen countries to demonstrate how inequality in the distribution of wealth both varies between different parts of the world and changes over time, before going on to discuss why the distribution of wealth is unequal, whether it should be unequal, and how it could be changed. The book focuses on: * alternative ways of measuring the degree to which distribution is unequal * assessment of the relative importance of the various determinants of the distribution of wealth * comparison of the distributions implied by alternative views of society * discussion of means by which the distribution of wealth could be altered, and of whether or not a redistribution in a less unequal direction would in time reduce the amount of wealth available to be distributed. This book will be valued and read with interest by economists, particularly those in the fields of welfare economics, distribution theory, heterodox economics and the history of economic thought, as well as sociologists, political scientists and philosophers.
First published in 1913, this Routledge Revivals title reissues J. A. Hobson's seminal analysis of the causal link between the rise in gold prices and the increase in wages and consumer buying power in the early years of the Twentieth Century. Contrary to the assertions of some notable contemporary economists and businessmen, Hobson contended that the relationship between gold prices and wages (and the resulting social unrest across much of Europe) was in fact much more complex than it initially appeared and that there were significantly more important factors in the rise of contemporary wealth, such as the rapid enlargement of state enterprise and joint stock companies; a wide extension of banking and general financial apparatus; and the opening of profitable fields of investment for the development of underdeveloped countries, which helped raise the rate of interest and profits.
The ten countries joining the EU in 2004 will soon be forced to focus on the next big challenge of integration: their adoption of the euro. In this book, well-known economists and policymakers look at the next step in the integration process for accession countries: accession to European Monetary Union (EMU). They debate which monetary and exchange rate strategies are optimal during the run-up to EMU, and consider the conflict that may arise in trying to meet both the exchange rate stability and the Maastricht inflation criteria. The impossible trinity between monetary independence, exchange rate stability and free capital flows is also addressed, as is the question of the effects of structural changes on the real exchange rate. Estimates of the `Balassa-Samuelson effect' on five of the new member states, and the experiences of Portugal and Greece in their run-up to EMU are discussed, and lessons for the economic policies of the new EU member states are illustrated. The distinguished list of contributors have published extensively in the relevant fields making Monetary Strategies for Joining the Euro a must-read for policymakers and economists interested in European studies. It will also be welcomed by those with an interest in the process of European integration.
As a tribute to the exceptional contributions of Alan Walters to monetary theory and policy, this book draws together a distinguished cast of international contributors to write about money. In a series of essays they review controversies in monetary economics and debate current policy issues. Combining theoretical analysis with policy evaluation, this book touches on a whole spectrum of issues ranging from monetary union and exchange rate regimes, to credit rationing and policy games. The book focuses on the problems of modelling the effects of monetary and fiscal policy, and setting optimal policies for the future. It concludes with two stimulating panel discussions, one questioning whether the UK should join the Euro and the other discussing the appropriate targets of monetary policy. Bringing together for the first time papers celebrating Alan Walters' achievements in this field, this book will be warmly welcomed by those with special interest in monetary economics, particularly policymakers, students and academics.
This influential volume, which has been revised and updated for the twenty-first century, includes both new material and more detailed expositions of existing arguments. Although so-called `real' theories of business cycles and growth are prevalent in contemporary mainstream economics, Controversies in Monetary Economics suggests that those economists who have instinctively focused on monetary factors in explaining macroeconomic behaviour are more genuinely `realistic'. The author combines an explanation of past and present monetary controversy with practical proposals for the conduct of monetary policy in the contemporary global economy. Several alternative approaches are discussed, ranging from the traditional quantity theory to post Keynesian theories of endogenous money. This insightful book will be of interest to all those concerned with monetary economics and macroeconomics, including academic researchers, graduate and senior undergraduate students - particularly those looking for an alternative to current economic orthodoxy - and historians of economic thought. Practitioners in central banks, international financial institutions, the financial markets and finance ministries will also find this work invaluable.
This book presents Korea's economic strategy to meet the emerging challenges, as it recovers from the 1997 financial crisis and moves on into the globalization and information era. For important policy areas, the authors evaluate existing policies, and offer proposals for new strategic direction that can achieve sustainable and equitable economic growth for Korea. A considerable majority of the contributing authors are involved in formulating economic strategy as policy advisors to the Korean government, and they bring to their chapters extensive experience and insights regarding Korean government policies that are rarely available to readers in such a comprehensive form. The book therefore offers a timely, practical, and unique analysis of all aspects of the Korean economy. Academics, policy practitioners, and others with interests in the Korean economy, Asian economies, development studies, and a broad sweep of other issues concerning structural reform will find in this volume a gold mine of detail and opinion.
The dramatic evolution of financial markets in the 1980s and 1990s, accompanied by increasing institutional integration between nations (most notably in the EU), have fostered a widespread belief that governments - particularly those of small economies - have essentially lost the power to pursue sovereign, independent economic policies. At the same time, it is widely assumed that the loss of monetary-policy control is a major opportunity cost for a country adopting a rigid exchange-rate regime or, in the European context, for countries joining the EMU. This book sheds light on these arguments by examining the relationship between the international integration of domestic money markets and the degree of monetary-policy independence in eleven small, open economies in Europe. The authors address these important issues in the context of a broad-based historical analysis of market formation and growth, exchange-rate policies and deregulation. They find that political motives, in conjunction with competitive forces, path dependence and institutional factors, are a major determinant of market development. Moreover, they reveal that credible commitment to a stability goal is a far more reliable predictor of monetary-policy autonomy than the adoption of a specific exchange-rate regime. This accessible investigation of the relationship between domestic money-market development, international financial integration and the monetary-policy options available to small, open economies will be welcomed by students and researchers of macroeconomics, financial economics and political economy. The extensive empirical research and original conclusions will also be of interest and benefit to corporate decisionmakers, bankers, policymakers and regulators.
Presenting new and innovative perspectives on macroeconomics at the national and international levels, the editors bring together contributions on a wide range of topics including: current issues of globalization; transitional economies; inequality; unemployment; national and international debt; and the relationship of macroeconomic policies to the environment. The contributors draw on expertise in a variety of areas to provide insight into debates on macroeconomic policy in the US and Europe, as well as in developing and transitional economies. Themes explored include: * disequilibrium in the macroeconomy: analysis of the roots of instability and crisis in national and global systems * the evolution of macroeconomic institutions to stabilize and guide economic growth * the paradoxes of globalization, the dangers of unrestricted financial flows, and the impacts of globalization on national institutional coherence * macro and institutional strategies for the transitional economies of Russia and Eastern Europe * distributional and equity issues, including employment, housing, and homelessness * the impact of macroeconomic policy and debt on the environment * long-term growth and its relationship to well-being and environmental sustainability. This collection is a valuable resource for researchers and students of macroeconomics, presenting numerous case studies and examples which bring to life some of the theoretical debates that will determine the future of macroeconomics. Policy professionals in a variety of fields including politics, political economy, and international relations will also find much of interest in this enlightening volume.
This unique volume provides a comprehensive survey of the major economic issues that have helped shape the modern world. It includes discussions of the latest research findings in macroeconomics and scrutinises some of the most important debates in economic history. The author examines the many controversies relating to the role of government in a modern economy, long-run growth and development, the spread of the Industrial Revolution, the causes and consequences of the `Great Depression', the `Great Peacetime Inflation', the conduct of stabilisation policy, international economic integration and globalisation. To shed light on these major issues the volume contains interviews with ten leading economists who have each contributed extensively to the literature on macroeconomics, economic growth and development, international economics and economic history. A major theme which runs throughout the book is the conviction that economists can gain valuable insights concerning important contemporary policy issues from a knowledge of history, especially economic history. The distinguished economists featured in this book are: Ben Bernanke, Jagdish Bhagwati, Alan Blinder, Nick Crafts, Bradford DeLong, Barry Eichengreen, Kevin Hoover, Charles Jones, Christina Romer and Joseph Stiglitz. Containing an extensive and up-to-date list of references, the book provides a comprehensive guide to the modern literature on macroeconomics and related fields. It will be an essential reference for all scholars and students of economics, especially those with an interest in economic growth, business cycles, inflation, unemployment, trade and globalisation. It will also be of considerable value to students of economic history and the history of economic thought.
Many theoretical and empirical analyses have been put forward to explain currency crises, but this book is unique in providing an extensive perspective and a comprehensive view of the field. Andre Fourcans and Raphael Franck assert that models concerning the outbreak and the propagation of currency crises share many similarities and may therefore be studied together. Theoretical developments in the currency crises literature lead to three distinct types of models. The authors focus on these first, second and third-generation models of currency crises and also discuss the role of the international financial system in preventing currency crises. Appealing to graduate students, academics and researchers in international economics, this book is a must have for those interested in learning about currency crises and the evolution of currency crises research.
Olivier Blanchard, former chief economist of the International Monetary Fund (IMF), is author of one of the most important standard macroeconomics textbooks which is used throughout the world. Endorsed by Blanchard himself, Anti-Blanchard Macroeconomics critically analyses prevailing economic theory and policy in comparison with alternative approaches. This textbook is designed to stand alongside Blanchard's text, or indeed any other standard book on macroeconomics, but it can also be read independently. It provides undergraduate and advanced students with a critical view of the subject, and is also appropriate for scholars interested in a new way of analysing the debate between alternative schools of economic thought. Emiliano Brancaccio and Andrea Califano succinctly explore the relationship between theoretical models and economic policies, providing readers with examples and empirical exercises. The book highlights ways in which simple changes to the initial hypotheses of the dominant models can lead to alternative schemes that overturn the logical relationships and the policy prescriptions of standard macroeconomics. Key features: * It critically assesses the mainstream macroeconomic models * It overcomes the typical contradiction between the opportunity to offer students a preliminary mainstream education and the need to nurture their critical spirit * It helps students to understand that economics is not a discipline that changes in a smooth, linear manner but, on the contrary, represents a field of research that develops through intense theoretical debates, continual empirical testing and resultant disputes about economic policy * It critically analyses Blanchard's new approach to macroeconomics inspired by the 2008 global financial crisis.
The integration process of `The Common Market of the South' (MERCOSUR) has been characterized by serious economic turbulence, including the devaluation of the Brazilian currency and the severe Argentinean monetary crisis. As a response to these difficulties, the adoption of monetary union has emerged as one possible solution to the financial uncertainty which has plagued this region. Whereas some believe MERCOSUR should become a free trade area, others are convinced that nothing less than full monetary union can bring stability to the region and ease the financial fragility of the member countries. This book discusses the future of MERCOSUR, focusing on monetary union and macroeconomic policy co-ordination, and addresses a number of important questions including: * is it possible, or even desirable, to achieve monetary integration? * what would the pre-conditions be for establishing such a union? * what would the convergence criteria be for joining the monetary union? * what are the expected economic consequences for the member countries? These questions are all addressed with particular reference to the experience of EMU and the lessons which can be learnt by MERCOSUR countries, in terms of the difficult transitions they may have to face. The book brings together a host of distinguished British, Argentinean and Brazilian economists to elucidate the critical policy issues surrounding the merits of monetary union in South America. Financial economists, international monetary economists, international relations experts, academics and practitioners interested in the issues surrounding economic and monetary union will all value the perceptive insights found in this volume.
Capitalizing on the extensive experience of the author in estimating shadow prices, Shadow Prices for Project Appraisal forges a bridge between theory and practice, explaining what shadow (or accounting) prices are, how they are used, and how they can be estimated. Starting from the basic principles of applied welfare economics, Elio Londero's book provides a step by step derivation of those formulas more frequently utilized in estimating shadow prices. The preparation and use of input-output techniques are examined in detail, and different estimation approaches and updating procedures are presented. Finally, a detailed case study of shadow prices for Colombia illustrates their practical application. This book will be essential reading for students and teachers interested in cost-benefit analysis, and in shadow prices as a specialized field of applied welfare economics. In addition, the book will be an invaluable source for applied economists and practitioners interested in calculating shadow prices.
Alliance Capitalism for the New American Economy advocates engagement with the USA's macromanagement problems in a spirit of alliance capitalism, for the development of a more integrated, dynamic economy. Whereas most studies of the USA emphasise the efficiency effects of intense competition between firms, this book stresses that as the new economy becomes more knowledge based, its development necessitates active intercorporate cooperation, especially in high technology sectors. The book focuses on problems of balance between competition and cooperation in the relations between American firms, as well as in political competition and cooperation for the management of US economic policy. Public concern over the dynamics of the US political economy has increased since the dramatic disclosures during 2002 of high-risk speculation and fraud by major American enterprises. The authors argue that these problems reflect fierce competition, insufficiently restrained by monitoring and regulation. Imperatives for the development of a more cooperative, collegial style of capitalism are stressed. The authors also highlight the importance of technocratic contributions to the development of corporate alliances and address the increasing significance of working skill levels. This volume will provide valuable reading and reference material for all students, academics and researchers of business and competition policy. Corporate managers and government agencies involved in technology, trade, financial regulation and infrastructure development will also gain practical insights into the benefits of a more cooperative model of capitalism.
Facebook co-founder Chris Hughes makes the case that one percenters like him should pay their fortune forward in a radically simple way: a guaranteed income for working people
The first half of Chris Hughes' life followed the perfect arc of the American Dream. He grew up in a small town in North Carolina. His parents were people of modest means, but he was accepted into an elite boarding school and then Harvard, both on a scholarship. There, he met Mark Zuckerberg and Dustin Moskovitz and became one of the co-founders of Facebook.
In telling his story, Hughes demonstrates the powerful role fortune and luck play in today's economy. Through the rocket-ship rise of Facebook, Hughes came to understand how a select few can become ultra-wealthy nearly overnight. He believes the same forces that made Facebook possible have made it harder for everyone else in America to make ends meet.
To help people who are struggling, Hughes proposes a simple, bold solution: a guaranteed income for working people, including unpaid caregivers and students, paid for by the one percent. Hughes believes that a guaranteed income is the most powerful tool we have to combat poverty. Money - cold hard cash with no strings attached - gives people freedom, dignity and the ability to climb the economic ladder.
A guaranteed income for working people is the big idea that's missing. This book, grounded in Hughes' personal experience, will start a frank conversation about how we earn, how we can combat income inequality, and ultimately, how we can give everyone a fair shot.
This ambitious book seeks both to revive and revise the idea of `functional finance'. Followers of this doctrine believe that government budgets should concentrate solely on their macroeconomic impact on the economy, rather than reflecting a concern for sound finance and budgetary discipline. Reinventing Functional Finance examines the origins of this idea and then considers it in a modern context. The authors explore the concept of NAIRU and argue that modern economies can operate at the level of full employment without provoking unmanageable inflation. They also contend that budget deficits do not have the deleterious effects commonly ascribed to them; the belief that they do rests on a misunderstanding of modern money. In this context, they highlight the relevance of Abba Lerner's famous dictum, `money is a creature of the State'. The authors also debate the merits of various proposals for `Employer of Last Resort' programs, which combine automatic stabilizers with the buffer stock principle. The book boasts an array of eminent contributors which includes, amongst others, James Duesenberry, Robert Eisner, Robert Heilbroner, Richard Musgrave, Edward Nell and Randall Wray. Financial economists, politicians, policymakers and bankers will welcome this provocative and refreshing book which challenges established economic thinking.
The introduction of a single currency within the European Union in its present form is without precedent in world history and will have far-reaching consequences for the future prosperity of the continent. Economic and Monetary Union in Europe brings together contributions from leading specialists which explain and evaluate the most important implications of economic and monetary union. The book examines theoretical aspects of monetary integration, illustrates the historical lessons to be learned from these and discusses the resulting policy consequences. This book will be essential reading for undergraduates studying European monetary integration and will prove to be a key source of reference for academics and post graduates working in this area.
The processes of globalisation and increased economic regionalism have had profound, often destabilising, effects on modern economic and financial systems. In recognition of this fact, the editors of this fine book have collected together a diverse range of heterodox ideas surrounding the complex relationships and interactions between globalisation, regionalism and economic activity. The book promotes real-world economic issues and explores them without adopting any particular methodological, ideological or theoretical agenda. A number of influential economists explore the inter-relationships between globalisation, regionalism, finance, economic growth and development from a global perspective. Amongst other topics, the book includes comprehensive discussions on fixed versus flexible exchange rates; international liquidity; the WTO dispute settlement system; the eastward expansion of the European Union; crowding-out in export led growth; demand and supply in the New Economy; the national origin of financial liberalisation in the US; and the relationship between savings and investment. The range and depth of analysis makes this book a timely and useful contribution to current policy debates. Academics, students and scholars with an interest in globalisation, international economics and macroeconomics will do well to read this eclectic and stimulating volume.
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