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Baumol's Cost Disease is the inevitable escalation of the real costs that occur in labour-intensive industries like the arts, health care and education. The labour costs in these industries tend to increase at the same rate as other industries, but their scope for utilizing labour-saving technical progress is either small or non-existent. The book opens with an introduction by Ruth Towse in which there is an overview of William Baumol's work. In this discussion Ruth Towse examines Baumol's work in the context of the development of the economics of the arts. The volume is then divided into parts and begins by introducing William Baumol's work through several autobiographical essays. This is followed by some of his early contributions to cultural economics and the cost disease. William Baumol's leading macroeconomic work on the `unbalanced growth model' is also included and the debate about it at its inception. In parts three and four some of the more empirical papers on the arts are presented as well as essays on policy implications for the arts. Following this are chapters on the theatre and publishing as well as historical studies of the arts and the implications of the cost disease for libraries, health care and education. This book contains William Baumol's contribution to cultural economics and spans over 30 years of writing on the subject, much of which is not widely available. It provides a real insight into the development of Baumol's analysis and his perception of the problems of the arts and other labour-intensive sectors.
In this book, well-known expert Riccardo Rebonato provides the theoretical foundations (no-arbitrage, convexity, expectations, risk premia) needed for the affine modeling of the government bond markets. He presents and critically discusses the wealth of empirical findings that have appeared in the literature of the last decade, and introduces the 'structural' models that are used by central banks, institutional investors, sovereign wealth funds, academics, and advanced practitioners to model the yield curve, to answer policy questions, to estimate the magnitude of the risk premium, to gauge market expectations, and to assess investment opportunities. Rebonato weaves precise theory with up-to-date empirical evidence to build, with the minimum mathematical sophistication required for the task, a critical understanding of what drives the government bond market.
With a population of 1.2 billion and nearly two decades of spectacular growth, China promises to become one of the world's largest economic powers and consumer markets in the next century. A salient feature of the contemporary Chinese economy is the significance of state intervention toward business in the form of `preferential policies'. Thanks to these policies, a firm's location, ownership type and area of business largely determine whether it should receive privileges of disadvantages in the regulated business environment. The fast changing preferential policies have had great influence on a wide range of economic activities, including foreign direct investment. The extent, complexity and variety of these policies are bewildering to both investors and academics who study the Chinese economy. State Intervention and Business in China is a systematic study of China's preferential economic policies. Dr Lu and Dr Tang present these policies in three categories, namely, the investor-oriented, the region-oriented, and the industry-oriented policies. The authors give a clear account of policies including: preferential tax rates, state bank loans, trade protection and subsidies, and licensing schemes. The book provides the in-depth political economy analyses that reveal the sources and functions of these policies. By offering empirical observations on the impact of state intervention on regional development and economic structures, this book sheds new light on the prospects for China's economic policy making. State Intervention and Business in China will be indispensably for scholars and specialists who are interested in contemporary Chinese economy and society. It is also a valuable guide for doing business in China.
In Government Versus the Market, Roger Middleton provides a comprehensive, interdisciplinary and controversial analysis of how Britain's relative economic decline from the late nineteenth century onwards generated an intense debate about the legitimate roles of government and the market. After a thorough analysis of Britain's long-run economic performance in a comparative context, which emphasizes how the problem of decline is frequently misunderstood, and an account of the long-run forces promoting and constraining government growth, he then charts how the economic role of government evolved in response to decline but produced a mix of macroeconomic and microeconomic policies which proved inadequate for the task. This major study emphasizes the institutional and political constraints to economic modernization and uses the specific characteristics of Britain's predicament, a combination of market failure and impotent state, to explain why by 1979 the burgeoning New Right were able to launch an attack upon big government. Dr Middleton then demonstrates how Britain's subsequent economic performance, while brilliantly propagandized as an economic renaissance, has in fact been lacklustre and why the Conservatives' economic strategy failed to address the underlying problems of decline and to reduce the size of the public sector. Government versus the Market brings an unrivalled historical, empirical and theoretical breadth to our understanding of the last century of British economic history as well as a wealth of material on economic performance and public sector growth, and the fullest bibliography yet published on Britain's economic decline. Comprehensive, authoritative and wide-ranging, this extensive study uses a long-term and comparative framework which draws upon the latest research of economists, historians and political scientists to show why successive governments have been unable to halt Britain's relative economic decline.
Full employment and growth in the international economy remain the greatest economic challenges as we approach the twenty-first century. This important book, edited by two leaders in the field, rigorously examines these real world problems from a post Keynesian perspective and provides practical policy solutions for achieving growth and reducing unemployment. The increasing interdependence of world trade and the integration of capital markets has led to the globalization of the international economy. This globalization demands new policy prescriptions for international growth and employment without inflation. In order to combat stagflation, a distinguished group of authors suggests policies for achieving growth and employment within the framework of an entrepreneurial market system. They identify and evaluate the factors determining the expansion of the global economy and assess the impact of financial markets, derivatives and international regulations on domestic and global economic performance. Improving the Global Economy will be of special interest to policymakers, macroeconomists and all those concerned with global growth and employment issues.
Social Policy in Hong Kong provides for the first time a comprehensive and critical analysis of social policy in Hong Kong. It shows that Hong Kong is far from being a simple free market economy. In many areas, Hong Kong has highly developed social policies which make a major contribution to the quality of life of its citizens. An introductory chapter provides background information on the economic, social and political structure of the region. Subsequent chapters cover issues such as health, housing, education, poverty and social security, social care, transport and labour protection. A concluding chapter draws out the essential nature of the Hong Kong approach and constructs a balance sheet of success and failure. With Hong Kong becoming a special administrative region of the People's Republic of China on 1 July 1997, this timely book describes social policy in the territory at the end of an era.
Monetary Theory and Monetary Policy is the second collection of essays by Karl Brunner - one of the most prominent monetary economists of the twentieth century. It demonstrates the importance of economic analysis for the development of appropriate economic policies. The book opens with a preface by Thomas Lys which provides the reader with an account of both Karl Brunner's personal and academic life. This is developed further in an introduction by Allan H. Meltzer, who focuses on Brunner's intellectual development. Issues discussed in this collection include the question of whether monetarism has failed, monetary policy, persistent inflation, deficits and interest rates, high-powered money, the monetary base, the money supply, international monetary order and the question of whether supply-side economics is sufficient for comprehensive policymaking. This selection will be welcomed by academics, students and policymakers interested in monetary economics and the work of Karl Brunner.
Macroeconomic analysis has undergone profound and controversial changes during the past twenty-five years and, as such, economists have developed and evolved their approaches to the discipline. Reflections on the Development of Modern Macroeconomics presents a collection of eight original essays, from leading scholars, each of which focuses on an important issue relating to these developments. These accessible, reflective surveys include: * to stabilize or not to stabilize: is that the question? Brian Snowdon and Howard Vane * the rhetoric and methodology of modern macroeconomics Roger Backhouse * how relevant is Keynesian economics today? Keith Shaw * what remains of the monetarist counter-revolution? Thomas Mayer * macroeconomics: before and after rational expectations Patrick Minford * the ups and downs of modern business cycle theory Cillian Ryan and Andrew Mullineux * the role of imperfect competition in new Keynesian economics Huw Dixon * politics and the macroeconomy: endogenous politicians and aggregate instability Brian Snowdon and Howard Vane This book will attract a wide readership among intermediate undergraduates, as well as postgraduates and lecturers in the fields of macroeconomics and the history of economic thought.
Advances in General Equilibrium Theory presents a new approach to the construction of general equilibrium models. It considers the methods that should be adapted and some of the principal subjects with which general equilibrium modelling should be concerned in order to convert it into a useful body of knowledge. The book examines from new perspectives the major questions that have concerned general equilibrium theorists during this century, including the characteristics of perfect competition and the existence, uniqueness and stability of economic equilibrium. The author develops the concept of models as functioning systems, identifies the differences between models and equation systems and discusses the implications of the differences between mathematical methods and economic determinacy. He demonstrates that the treatment of perfect competition has been deeply flawed, that modern general equilibrium models are not functioning systems, that many equation systems in the literature are not supported by underlying models, and that models which would justify these equations are either improbable or inconceivable. In conclusion, Professor Walker indicates how these perspectives can be used to develop a new general equilibrium model, and presents an outline of its content. Advances in General Equilibrium Theory will be of special interest to microeconomists and those interested in economic methodology and general equilibrium modelling.
Money and Macroeconomics is a significant collection of David Laidler's most important papers on the so-called `monetarist counter-revolution'. This volume contains both published and unpublished examples of his influential contribution, detailing empirical work on the demand for money, the economics of inflation, the foundations of the `buffer stock' approach to monetary theory, the monetarist critique of new classical economics and issues of economic policy. David Laidler has also prepared a personal memoir to accompany his volume which gives a revealing account of his academic career and influences, and places each essay in its original intellectual context. Money and Macroeconomics presents in one volume David Laidler's most important contributions to monetary economics. It will be invaluable to monetary and financial economists as well as policy makers and historians of economic thought.
The Evolution of the Single European Market provides a detailed empirical and theoretical analysis of the impact of the Single European Market - one of the most significant developments in the world economy in the late twentieth century. A distinguished group of contributors examines how the Single Market has developed in practice and the impact it has had on industry regions and groups in society. They chart the likely future course of further integration in the light of public choice theory, subsidiarity and the current experience within the Single Market. The differences between the member states are analysed in detail as are the reasons why it has been so difficult to obtain agreement. They examine, from an evolutionary approach, issues such as competition law, the Single European Act, the unofficial means of implementation and enforcement, `competition among rules', and the social dimension and external impact of the Single Market. The contributors include lawyers, economists, political scientists, sociologists and regional scientists, whose contribution stems from the work of over one hundred researchers across Europe in a linked programme of projects. This forward looking book will be required reading for researchers and students with an interest in economic and political integration as well as politicians and businesses involved in cross-border trade and investment. It will also be of interest to academics in the areas of economics, politics, law, social policy and geography.
This important volume brings together 22 major essays written by A.P. Thirlwall over the last 30 years in the field of macroeconomics, and in particular on multiplier analysis, unemployment, inflation, growth and the balance of payments. These outstanding essays make pioneering contributions, such as the input-output formulation of the foreign trade multiplier; the derivation and use of the dynamic Harrod foreign trade multiplier; the measurements of types of unemployment; the estimation of regional Phillips curves, and the formalization of Kaldor's model of regional growth rate differences. Many of the essays are written from a Keynesian perspective, and the recent revival of interest in Keynesian economics means that the essays are as relevant today as when they were written, especially those on the nature of unemployment, the causes of inflation, and the link between the balance of payments and economic growth. Macroeconomic Issues from a Keynesian Perspective will be of interest not only to professional economists but also to policymakers in developed and developing countries for the insights it provides into the functioning of the macroeconomy.
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 Baltic countries of Estonia, Lithuania and Latvia were pioneers among the former Soviet republics in implementing political and economic reforms. Starting in 1988, the transition process in these three countries has been rapid and demonstrates the key role of economic issues in the reform process. In this important new book, a distinguished group of contributors assesses the current situation and highlights certain theoretical features of the transformation process. They conclude that the Baltic States have, for the moment, succeeded in their aim of stabilizing both the domestic price level and the exchange rate by a combination of responsible fiscal policy and adaptation of a pegged, undervalued exchange rate.
Macroeconomic Policy and the Future of Capitalism addresses the revolution in macroeconomic policy of the last quarter of the twentieth century and the movement away from concerns with employment and growth in favour of financial variables such as inflation and exchange rates. John Smithin argues that this `financial reaction' in macroeconomic policy is the result of a distinct shift in political power in favour of financial or `rentier' interests, and away from both labour and manufacturing business. The outcome is a regime in which the real rate of return to financial capital is persistently higher than it was in the relatively prosperous years between the end of World War II and the mid-1970s, but economic performance is persistently worse. Professor Smithin recommends drastic changes in attitude, in particular in the conduct of monetary policy, if a more secure prosperity is to be restored in the 21st century. Macroeconomic Policy and the Future of Capitalism is an accessible, highly readable account of macroeconomic policy in the industrial nations which cuts through the complex mathematics and obscure jargon of most books on economics to deal with real issues.
Regional Housing and Labour Markets takes a close look at the history and the current achievements of housing and labour market research. It demonstrates that, despite the large number of diverse contributions in this area, at least six main fields might be identified, for which regional science may claim to have provided an important contribution to economic theory and analysis; Housing Market Models: Structure and Operation of Housing Markets; Housing Consumption and Demand; Housing Choice and Residential Mobility; Job Search Theory; Labour Supply and Demand; Spatial Labour Market Adjustment. The articles in this collection span over 30 years including the work of many leading experts in the fields of housing market research and labour market research.
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.
Fiscal Policy and Interest Rates in the European Union is a comprehensive study concerned with the potential effects of fiscal policy on financial markets in the European Union. It takes into account the gradual liberalization of capital movements throughout Western Europe and the institutional framework of the European monetary system. Klaas Knot takes a fresh approach to the impact of budget deficits on interest rates, especially in relation to international financial integration, and concludes that the increases in European budget deficits since the early 1970s have raised interest rates in the long term throughout the Union. In conclusion he argues that balanced budget deficits are necessary to maintain low interest rates. This important new book will be of interest to students, academics and policymakers concerned with monetary and public economics.
Bringing together different perspectives on structural adjustment and the prospect for sustainable economic growth in Eastern Europe, Economics of Transition represents a shift in scholarly emphasis away from issues of stabilization and liberalization in favour of longer-term considerations. This major volume features a distinguished collection of papers focusing on the theoretical and policy implications of transition and change in Eastern Europe. Drawing on work from a wide range of traditions, it explores how effective demand induces growth, how diffusion takes place, how economic policy influences incentives, motivations and behaviours, how institutions influence organization and technological capability building, and how institutions both constrain and guide economic policy. Economics of Transition is the first of a major new series published by Edward Elgar for The Vienna Institute for Comparative Economic Studies. The intention of this new series is to encourage discussion on the economic theory and policy of transition and European economic integration.
The decentralization of economic institutions in the West since the 1970s and in Eastern and Central Europe since 1989 is a significant and ongoing process which has implications for the nature of economic systems. This major new book explores the importance of institutions in economic systems and challenges the traditional assumption of antagonism between tendencies to centralize and tendencies to decentralize. An international group of authors from Europe and the US addresses different aspects of the centralization-decentralization issues including privatization, fiscal federalism, the recent experience of Russia and Eastern Europe, and the role of quasi-markets and non-profit organizations. Drawing on theoretical approaches and empirical material, they argue that the real achievement of efficiency requires the presence of certain key criteria in the structure of the market. Every move towards decentralization, such as privatization, is shown to entail counter-balancing moves towards centralization, such as the introduction of improved, central regulation. Economic Institutions, Markets and Competition will be welcomed for exploring the implications of centralization and decentralization in the transformation of economic systems and for emphasizing market structure as well as market competition.
Internationally, globalization and increased economic integration has impacted quality of life and individual well-being. Attempts to evaluate the impact on income dispersion from this process have been extremely controversial. This key volume is the first real attempt to build up indices and a theoretical framework in order to deal with inequality of opportunity, and to enable social and political institutions to monitor increasing disparities in well-being and social exclusion. It thoroughly examines the possible relationships between the recent acceleration in economic integration and inequality among persons and countries and will enable social and political institutions to monitor increasing disparities in well-being and social exclusion. The contributions to this volume cover various subfields of economics, and examine both the negative and positive spillover effects of economic integration on individuals, social groups and nations. Since the impact of globalization on the most deprived people is multidimensional in nature, the theoretical framework is extended to a multivariate context where several individual characteristics are simultaneously considered. This original volume covers many important topics and features an impressive array of respected contributors. As such, it is sure to be an invaluable resource for postgraduates and professionals in the fields of political economy and economics.
This important new book is the first general overview of the macroeconomic nature and recent history of the Singapore economy. After discussing general features of modern Singapore's economy, government and development strategy, the authors analyse its macroeconomic history over the past three decades, as well as reviewing current macroeconomic theory regarding small, open economies. Singapore's monetary system, trade patterns, balance of payments and the nature of its exchange rate mechanism and policy are all described and analysed in the subsequent chapters which also look at its growth and cyclical experiences and provide a review of the ways economists have attempted to model the economy. The Singapore Economy integrates much previous research scattered in many sources as well as containing an extensive bibliography of references about the economy and the statistical sources used. It will be suitable for students of macroeconomics and economic development in Asia, and the general reader interested in the nature, structure and recent growth of the Singapore economy.
Parker shows how factors such as income, aggregate savings, investment, technology, entrepreneurship, production, and outputs per worker are influenced by the more fundamental principles of physics and physiology. According to Philip Parker, the relationship between physics-based physiology and macroeconomics may come to dominate explanations of economic growth. His argument focuses on the so-called equatorial paradox-the phenomenon that a country's latitude explains up to 70 percent of cross-country variances in per capita income. After introducing concepts from physics and physiology as the building blocks of homeostatic utility, he explains the role of homeostatic utility in economic growth. Specifically, he shows that a country's performance is gauged not by its absolute level of income or consumption, but by how far it is from a homeostatic steady state governed by what he calls physioeconomics. Countries closer to their homeostatic steady state grow more slowly than those farther away. Parker shows how factors such as income, aggregate savings, investment, technology, entrepreneurship, production, and outputs per worker are influenced by the more fundamental principles of physics and physiology. He focuses particularly on the hypothalamus, the part of the brain that drives motivation, monitors homeostasis, and ultimately keeps us alive via neural, autonomic, and hormonal adjustments. He presents evidence that long-run growth can be attributed to variances in hypothalmic activity. A physioeconomic approach to growth can lead to better economic policies, measures of performance, and predictions of progress. To take just one example, policymakers would be quicker to realize that food aid to warmer regions can destroy local farming economies that supply adequate caloric needs at a lower steady state.
Econometrics, Macroeconomics and Economic Policy presents eighteen papers by Carl Christ focusing on econometric models, their evaluation and history, and the interactions between monetary and fiscal policy. Professor Christ's pioneering contributions to econometrics, monetary and fiscal policies and the government's budget constraint are thoroughly covered in this volume. Other areas addressed include monetary economics, monetary policy, macroeconomic model building, and the role of the economist in economic policy making. The book also features an original new introduction by the author and a detailed bibliography. Econometricians and macroeconomists will welcome this outstanding volume in which Professor Christ argues firmly for the importance of testing econometric equations and models against new data, as well as for exploring the impact of the policies of central government.
The articles in this volume give a balanced picture of the main debates of Dutch economic history after 1870: the slow industrialization in the nineteenth century, the protracted character of the depression of the 1930s; the `Dutch miracle' of 1950 to1973 and the `Dutch disease' of the 1970s and 1980s. Some eminent contributions to these debates have been translated here in to English for the first time.
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