A Contemporary Historiography of Economics
In recent years, the focus of historians of economic thought has changed to also include the ideas and practices of contemporary economists. This book brings together leading contributors to provide, for the first time, a methodological overview of the historiography of economics.
The Republic of Beliefs
A leading economist offers a radically new approach to the economic analysis of the law The Republic of Beliefs argues that the traditional economic analysis of the law has significant flaws and has failed to answer certain critical questions satisfactorily. Why are good laws drafted but never implemented? When laws are unenforced, is it a failure of the law or the enforcers? And, considering that laws are simply words on paper, why are they effective? Offering a provocative alternative to how the relationship between economics and real-world law enforcement is commonly understood, Kaushik Basu demonstrates the connections between social norms and the law and shows how well-conceived ideas can change and benefit human behavior. The Republic of Beliefs provides a new paradigm that will enable better laws and a fairer society.
Die schrittweise R羹cknahme des Solidarit瓣tszuschlags
Studienarbeit aus dem Jahr 2020 im Fachbereich VWL - Sonstiges, Note: 2,0, FOM Hochschule f羹r Oekonomie & Management gemeinn羹tzige GmbH, D羹sseldorf fr羹her Fachhochschule, Sprache: Deutsch, Abstract: Diese Arbeit thematisiert den Ursprung und die historische Entwicklung des Solidarit瓣tszuschlages. Dar羹ber hinaus setzt sie sich mit der Frage auseinander, inwiefern die Abschaffung des Solidarit瓣tszuschlags sinnvoll ist. Ziel ist es, den aktuell bestehenden Wissenshorizont in Bezug auf den Solidarit瓣tszuschlag zu erweitern. Zudem soll die historische Entwicklung und Bedeutung der Abschaffung des Solidarit瓣tszuschlags verdeutlicht werden. Die daf羹r ben繹tigte Wissensbasis wird in Kapitel 2 geschaffen, indem die Begrifflichkeit des Solidarit瓣tszuschlages zun瓣chst definiert wird. Anschlie?end wird der historische Ursprung der Begrifflichkeit genau beleuchtet. Dar羹ber hinaus wird anhand eines Beispiels eine Berechnung des Solidarit瓣tszuschlages durchgef羹hrt und wissenschaftliche Kennzahlen dargestellt. Basierend auf dem erlangtem Wissen des zweiten Kapitels, wird sich das dritte Kapitel, welches gleichzeitig den Hauptteil dieser wissenschaftlichen Arbeit ausmachen wird, mit der Beschlussfassung der Abschaffung des Solidarit瓣tszuschlages auseinander setzen und dabei sowohl auf die Auswirkungen f羹r Unternehmen als auch f羹r Privatpersonen eingehen. Im vierten Kapitel erfolgt ein Bezug auf aktuell bestehende politische Debatten bez羹glich der Aufl繹sung des Solidarit瓣tszuschlages. Der im Jahr 1991 eingef羹hrte Solidarit瓣tszuschlag wird als Personensteuer definiert, welche der Bundesregierung zuflie?t und deren Bemessungsgrundlage auf der Einkommen- und K繹rperschaftssteuer basiert. Neben der Kirchensteuer z瓣hlt der Solidarit瓣tszuschlag zu den wichtigsten Annexsteuern, welche dadurch gekennzeichnet sind, dass sie einen festen prozentualen Betrag ausmachen. Gleichzeitig stellt der Solidarit瓣tszuschlag jedoch auch eine Zuschlagssteuer dar, deren H繹he abh瓣ngig von anderen Steuern i
The Stages In The Social History Of Capitalism
The Stages In The Social History Of Capitalism This book is a result of an effort made by us towards making a contribution to the preservation and repair of original classic literature. In an attempt to preserve, improve and recreate the original content, we have worked towards: 1. Type-setting & Reformatting: The complete work has been re-designed via professional layout, formatting and type-setting tools to re-create the same edition with rich typography, graphics, high quality images, and table elements, giving our readers the feel of holding a 'fresh and newly' reprinted and/or revised edition, as opposed to other scanned & printed (Optical Character Recognition - OCR) reproductions. 2. Correction of imperfections: As the work was re-created from the scratch, therefore, it was vetted to rectify certain conventional norms with regard to typographical mistakes, hyphenations, punctuations, blurred images, missing content/pages, and/or other related subject matters, upon our consideration. Every attempt was made to rectify the imperfections related to omitted constructs in the original edition via other references. However, a few of such imperfections which could not be rectified due to intentional\unintentional omission of content in the original edition, were inherited and preserved from the original work to maintain the authenticity and construct, relevant to the work. We believe that this work holds historical, cultural and/or intellectual importance in the literary works community, therefore despite the oddities, we accounted the work for print as a part of our continuing effort towards preservation of literary work and our contribution towards the development of the society as a whole, driven by our beliefs. We are grateful to our readers for putting their faith in us and accepting our imperfections with regard to preservation of the historical content. HAPPY READING!
Future of Regional Cooperation in Asia and the Pacific
This book reviews progress with regional cooperation and integration in Asia and the Pacific and explores how it can be reshaped to achieve a more resilient, sustainable, and inclusive future. Consisting of papers contributed by renowned scholars and Asian Development Bank staff, the book covers four major areas: public goods, trade and investment, financial cooperation, and regional health cooperation. The book emphasizes how the region can better leverage regional integration to realize its vast potential as well as overcome challenges such as the coronavirus disease (COVID-19) pandemic.
The Changing Fortunes of Central Banking
Understanding the changing role of central banks and their recent novel policies is essential for analysing many economic and financial issues, ranging from financial regulation and crisis, to exchange rate dynamics and regime changes, and QE and prolonged low interest rates. This book features contributions by the world's leading experts on central banking, providing in accessible essays a fascinating review of today's key issues for central banks. Luminaries including Stephen Cecchetti, Takatoshi Ito, Anil Kashyap, Mervyn King, Donald Kohn, Otmar Issing and Hyun Shin are joined by Charles Goodhart of the London School of Economics and Political Science, whose many achievements in the field of central banking are honoured as the inspiration for this book. The Changing Fortunes of Central Banking discusses the developing role of central banks in seeking monetary and financial stabilisation, while also giving suggestions for model strategies. This comprehensive review will appeal to central bankers, financial supervisors and academics.
Whither Capitalism?
This book is the first to clarify the essential meaning and serious impact of globalization at the most abstract level from the point of view of Polanyi's three socioeconomic principles of exchange, reciprocity and redistribution. It also provides a theoretically coherent explanation of the evolution of the market and capitalist economies with respect to the advancement of commodification through Marx's internalization of the market into the community and state.Globalization is the long-term tendency of the market to extensively expand and deepen, and of the community and state to contract and become shallower. The ultimate goal of globalization is free investment capitalism for all people - not only capitalists and speculators, but workers, students, and housewives as well. The book also examines Hayek's criticism of a centrally planned economy and Lange's proposal of market socialism in the "Socialist Calculation" debate, which has been ongoing since the 1920s, and acknowledges Hayek's vision of a distributed market with local and tacit knowledge to explain why socialism is infeasible and capitalism is robust. The outcomes of globalization are disastrous in socioeconomic, cultural and ecological realms. As such, it argues that in the twenty-first century, a post-capitalist, cooperative market economy mediated by new forms of money as communication media must be achieved. These new media will include community currencies and local exchange trading systems (LETS) that can maintain the merits of money and the market and can overcome the defects of free investment capitalism. Lastly, this English version of the book includes a postscript explaining the significance and prospects of the socioeconomic changes around the globe since the publication of Japanese version in 2011.
A Brighter Future for Maldives Powered by Renewables
This publication serves as a guide for Maldives' energy transition--from being powered by costly and polluting fossil fuels to being sustained by clean and efficient renewable energy sources. Maldives has no proven fossil fuel reserves, but it has abundant renewable energy sources such as solar, wind, and ocean (tidal, wave, and ocean thermal)--with the potential to produce green hydrogen fuel. The coronavirus disease (COVID-19) pandemic has impaired the economy and severely affected the tourism industry, which is one the main economic drivers of Maldives. The country's recovery largely depends on the rapid transformation and diversification of its economic activities. Renewable energy offers a promising alternative as Maldives embarks on a transformation challenge.
Wirtschaftspolitische Eingriffsm繹glichkeiten bei Marktversagen infolge von Informationsm瓣ngeln
Studienarbeit aus dem Jahr 2020 im Fachbereich BWL - Wirtschaftspolitik, Note: 1,7, Hochschule Fresenius M羹nchen, Sprache: Deutsch, Abstract: Allgemeine Beschreibung von Marktversagen durch Informationsm瓣ngel, sowie eine Analyse einiger wirtschaftspolitischer Ma?nahmen in Deutschland. Ziel dieser Arbeit ist dabei, die angewendeten wirtschaftspolitischen Eingriffsm繹glichkeiten kennenzulernen und auf ihre Effektivit瓣t zu pr羹fen, um im Anschluss kritische Aspekte mit Verbesserungsbedarf hervorzuheben. Daf羹r wird zu Beginn dieser Arbeit ein einheitliches Verst瓣ndnis zu den zentralen Begrifflichkeiten geschaffen. Diese werden daraufhin miteinander in Kontext gesetzt. Dabei wird nachvollziehbar erl瓣utert, wie die ausgew瓣hlten Formen von Informationsm瓣ngeln zu Marktversagen f羹hren k繹nnen. Im Anschluss werden die herangezogenen Beurteilungskriterien vorgestellt und auf die ausgew瓣hlten wirtschaftspolitischen Ma?nahmen projiziert. Jede Eingriffsm繹glichkeit wird individuell analysiert, bevor eine kritische W羹rdigung der durchgef羹hrten Beurteilung erfolgt. Zum Abschluss findet eine kurze Zusammenfassung der wesentlichen Erkenntnisse dieser Arbeit in Form eines Fazits statt.
Complexity Economics
When Santa Fe Institute scientists first started working on economics more than thirty years ago, many of their insights, approaches, and tools were considered beyond heterodox. These once-disparaged approaches included network economics, agents of limited rationality, and institutional evolution-all topics that are now increasingly considered mainstream. SFI continues to expand the boundary of our economic understanding by pioneering fields as diverse as collective intelligence and organizational scaling. This volume, edited by W. Brian Arthur, Eric D. Beinhocker, and Allison Stanger, includes panel and talk transcripts from SFI's 2019 Applied Complexity Network Symposium, with newly written introductions and reflections. Representing both scholarly and practitioner perspectives, this book explores the history and frontiers of complexity economics in a broad-ranging, accessible manner.
Post-Covid Asia: Deglobalization, Fourth Industrial Revolution, and Sustainable Development
Coronavirus disease (COVID-19) has been an unprecedented, once-in-a-century gamechanger for the world. The central focus of Post-COVID Asia is the new world that will emerge after the coronavirus. In particular, this book explores how deglobalization will proceed in the post-COVID world and what kind of impact deglobalization will have on Asian economies. After all, in the last few decades, Asia has leveraged globalization to become the world's fastest-growing, most dynamic region. Therefore, an urgent challenge facing Asian economies is to figure out how to survive and thrive when the globalization which served them so well is giving way to deglobalization.Opportunities have emerged for Asian economies amid the winding down of the third wave of globalization. In fact, the next wave of globalization is already beginning to take shape, in tandem with the Fourth Industrial Revolution, which is full of exciting new technologies. This book offers insights that would help governments, companies and people in Asia to ride the next wave of globalization to power their prosperity.
Post-Covid Asia: Deglobalization, Fourth Industrial Revolution, and Sustainable Development
Coronavirus disease (COVID-19) has been an unprecedented, once-in-a-century gamechanger for the world. The central focus of Post-COVID Asia is the new world that will emerge after the coronavirus. In particular, this book explores how deglobalization will proceed in the post-COVID world and what kind of impact deglobalization will have on Asian economies. After all, in the last few decades, Asia has leveraged globalization to become the world's fastest-growing, most dynamic region. Therefore, an urgent challenge facing Asian economies is to figure out how to survive and thrive when the globalization which served them so well is giving way to deglobalization.Opportunities have emerged for Asian economies amid the winding down of the third wave of globalization. In fact, the next wave of globalization is already beginning to take shape, in tandem with the Fourth Industrial Revolution, which is full of exciting new technologies. This book offers insights that would help governments, companies and people in Asia to ride the next wave of globalization to power their prosperity.
Theory of Macroeconomic Policy
Theory of Macroeconomic Policy reviews the theoretical foundations of macroeconomic, fiscal, and monetary, policy. It offers a panoramic view of macroeconomic theory, covering a wide range of topics that are not customarily dealt with in macroeconomics texts, as well as more standard material. Advanced theory is bridged with more elementary or intermediate material, and established models are reviewed alongside current research directions. There is an extensive review of empirical evidence on virtually every topic, supplemented by narrative accounts for various episodes. The policy implications of the various theories are emphasised throughout. The chapters are largely self-contained so that different courses can focus at different places. A 'Guidance for Further Study' Section and extensive bibliography give plenty of ideas for all levels of independent study, from Undergraduate Projects to MSc Dissertations to PhD Theses. Theory of Macroeconomic Policy presents a balance between: breadth as well as depth; analytical treatment and intuition; theory and evidence; vintage theories and current directions; theory and policy; (established) theory and debate. Theory of Macroeconomic Policy is an affirmation that there is a well-developed body of theory that is invaluable for an in-depth understanding of the macro-economy and policy; equally, there is much scope for critical discussion and debate.
Accounting for the Fall of Silver
The second half of the nineteenth century is correctly known to have culminated in the emergence of the gold standard as the first truly international monetary regime. The processes leading up to this remarkable feat are, however, far less documented or understood. Economic historians have only recently started digging into the causes behind the 'fall of silver' that preceded the scramble for gold. It is nowadays clear that its effects were felt worldwide. Not in the least, silver depreciation severely affected East-West trade. It was, among other factors, behind the bankruptcy of several powerful institutions as the Oriental Bank Corporation. Yet at the same time, it cemented the position of other banks, some of which exist until this very day (HSBC, Standard Chartered). What did these banks know that others did not? In Accounting for the Fall of Silver, Michael Schiltz explains that the 1870s and 1880s witnessed furious experiments with new financial products and, equally important, strategies for hedging exchange rate risk. Drawing on archives that have never been used before, the book throws new light on an important episode of nineteenth century world history. At the same time, it illuminates lesser known aspects of the first gold standard period. It draws attention to the existence of 'carry trades' between European money markets and the lesser liquid Asian periphery; and describes the creation of financial contracts with the sole aim of enabling commodity finance among Asian mercantile centers.
Growth and Transformation of Emerging Powers
This book offers a quantitative and qualitative look at the much-discussed BRICS--Brazil, Russia, India, China and South Africa--and explores how their economic ascent might cause global economic realignments in the 21st century. Providing a Chinese perspective on how the global realignment might impact strategic choices and a data-driven approach to the similarities and differences within the so-called BRICS group, this book will be of great interest to economists, international banking professionals, and political forecasters.
The Sustainable Development Theory: A Critical Approach, Volume 1
This book argues that the theory of sustainable development lost some of its rigor because of two main reasons. The first manifests itself as an inflation of concepts that hampers the correct understanding of sustainability's essence. The second one consists of a departure from the traditional scientific sources of the classicists and, in part, neoclassicists. Exploiting relevant areas of their works, the authors outline the theoretical framework necessary to promote a healthy version of sustainability. Of utmost interest prove to be areas such as: the formation process of natural prices and natural rate of interest; placing growth before employment and placing production before distribution, consumption, and social justice. The main idea of the book consists of a call for breaking away from the impure forms of the theory of sustainable development and its reconstruction through the reconciliation with the laws of healthy growth as they are highlighted in the works of thefounders. The authors make the case for an approach to sustainable development that is holistic, macroeconomic, and institutionalist, where social, ecological, and economic components are reconciled. This work presents a fresh perspective in the context of current works on sustainability, serving as an accessible research resource and public policy decision guide.
Bangladesh at Fifty
This book explores the diverse experience of Bangladesh's development over the last fifty years and provides systematic explanations of its success in socioeconomic development. It also assesses future trends on the basis of past experiences. It is widely acknowledged that Bangladesh provides one of the most striking examples in the study of present day development along with rapid growth and catching up. The analysis highlights the development traps that Bangladesh faced during its journey and the ones that may have to be faced in the coming decades in order to move towards prosperity. The book asserts that explaining Bangladesh's development is not for the simpleminded; any single mono-causal explanation for Bangladesh's development is bound to fall down in the face of reality. This book will be of interest to academics, students, policy makers and development practitioners especially in developing countries--in particular in South Asia and Bangladesh.
Middle-Income Trap
This book explores the essence of the middle-income trap based on two major perspectives, namely "economic transformation" and "social transformation". China has experienced high-speed economic growth for nearly 40 years since the adoption of the Reform and Opening policies. However, China's economic growth has been slowing down significantly in recent years. Has China tumbled into the middle-income trap? This book reveals the essence of the middle-income trap is that a country's economic growth is facing a "double squeeze" in the middle-income stage, while the social structure and system are unsuitable for the new social development stage, which leads to economic stagnation or recession, and the aggravation of social contradictions, that is, the double predicament of economic transformation and social transformation. This judgment is of great value for understanding the problems encountered in the current development of China.
Studies on China’s Special Economic Zones 3
Chapter 1. The Poverty Reduction Effect of China's Special Economic Zones - Case Study of Shenzhen.- Chapter 2. Theoretical and Empirical Research on the Industrial Restructuring in Shenzhen.- Chapter 2. Exploration on Shenzhen's Financial Innovation.- Chapter 4. On the Exploration and Practice of Social Construction in Shenzhen in the Last 30 Years.- Chapter 5. Research on the Response Mechanism of Legislation Evaluation of China's Special Economic Zone.- Chapter 6. Building up the Sino-African Relationship of Cooperation on Sustainable Development.- Chapter 7. Dynamic Game Analysis of Technology Diffusion and Innovation Performance: Case Study of China's Automotive Industry.- Chapter 8. An Industrial Transformation Path across the Middle Income Trap.- Chapter 9. An Evolution Analysis of Regional Economic Development Disparities in Guangdong Based on the FPCA.- Chapter 10. Research on the Regional Industrial Coordinated Development and Spatial Distribution Strategy.- Chapter 11. A Study on the Structural Functions and Management System for the Integrated Development of the Pearl River East Bank Metropolitan Area (II).- Chapter 12. The Development of China's Special Economic Zones and Poverty Reduction - Overview of the Seminar on China-Africa Poverty Reduction and Development
Policies for a Stronger Greek Economy
This book presents a comprehensive economic plan for Greece to encourage growth and avoid future crises. This book emphasizes structural reforms and the rational financial management and analysis of private and investment infrastructures. This book also looks at the country's production and places an emphasis on revitalizing its technological structure. The analysis in this book includes policy implementation (in the short-, medium- and long-term) across important topics such as sustainability, inclusivity, pro-growth social behavior, and dynamic economic growth. This book takes an evolutionary economics perspective, looking at important structures throughout society like governance, political functioning, cultural attitudes, and growth. With its comprehensive approach, this book is crucial reading for scholars and policymakers interested in the Greek economy.
Economic Philosophies
The book shows the ideological underpinning of the economist's work, and the ideological perspectives are those that have largely prevailed in the last couple of centuries: liberalism, nationalism and socialism. It is on the ground and strength of these ideologies that systems of political economy have been built. Roselli explores the connections between theory and value judgements to identify the philosophical premises behind the economic reasoning of economists as diverse as Smith, Ricardo, Marx, Pareto, Keynes, Hayek, among others. Liberalism originally leaned towards an unhindered laissez-faire, then towards a wider role of the State in the economic system, under the influence of socialist ideology, then again it has relied on an individualistic approach to issues of wealth production and distribution; more recently the unrealiability of this approach has been revealed by systemic crises, suggesting new reflections and uncertainties about the coherence of economic reasoning with the liberal idea: an institutional and historical perspective may open new spaces to the understanding of a liberal and capitalistic economy. The vicissitudes of economic nationalism, its statist and protectionist features, its decline and recent resurgence are examined, being unclear what shape it is currently taking from an economic and political viewpoint. This is particularly obscure in the case of that specific form of nationalism called populism. The decline and fall of Marx's historical materialism cannot hide the inherent contrast of interest between the two sides of a labour contract. The lasting legacy of socialism is the enduring and multiform relevance - from a cowed labour force to environmental issues - of social themes in modern economies.
Defensive Expectations
This book explains why inflation remains subdued after recessions, based on three revolutionary concepts: defensive expectations, compensatory savings, and cumulative wage gap. When income falls, consumption falls, and savings rise, as people rebuild their past wealth. Households will not spend more until they fully recover what they lost. The revised Phillips Curve explains that current inflation depends on the cumulative difference between current income and past income.This new theory is tested and validated by data for US since 1960 to date and for 35 OECD countries from 1990 to date. A number of policy implications are derived from these results. The book calls for an optimal policy mix between monetary policy and fiscal policy; it also discusses the coronavirus crisis as an extreme case of defensive expectations.
The Secular Decline of the South African Manufacturing Sector
1. Introduction.- 2. Does trade-openness affect the role of the domestic output-gap on inflation? If so, what is the role of the global out-put gap?.- 3. Does an increase in trade-openness and import-penetration affect income inequality? Evidence from the manufacturing sector output growth and employment growth.- 4. What is the impact of Chinese import penetration on the South African manufacturing sector?.- 5. What is the impact of global trade uncertainty and the exchange rate volatility on the manufacturing sector?.- 6. How does activity in manufacturing sector respond to trade and exchange rate shocks? Evidence from trade-openness and import penetration thresholds.- 7. What is the impact of imports by stage of production on the manufacturing sector output and employment growth?.- 8. What is the impact of imports by stage of production and the manufacturing sector investment growth?.- 9. What is the impact of global trade uncertainty and the exchange rate volatility on the manufacturing sector?.- 10. What is the impact of commodity price booms and capital flows surges episodes on the manufacturing sector?.- 11. What are the effects of capital flow shocks on the domestic manufacturing sector?.- 12. Does the persistent widening in the trade deficit explain the decline in the manufacturing sector output and employment growth?.- 13. Do credit booms, financial and credit cycles affect activity in the manufacturing sector?.- 14. What is the role of business and consumer confidence in amplifying the transmission of positive shocks into the manufacturing sector?.- 15. Do positive investment shocks in the manufacturing sector result in increased labour absorption and participation rates?.- 16. Did the decline in the excess capital adequacy ratio amplify the monetary policy easing and credit cycles on activity in the manufacturing sector?.- 17. Did the increase in excess liquid assets of banks amplify the effects of tight macro-prudential tools on activity in the manufacturing sector?.- 18. Did loose loan-to-value and repayment-to-income ratios amplify commodity price booms on activity in the manufacturing sector?.- 19. Do tight loan-to-value and repayment-to-income ratios in amplify the effects of tight monetary policy cycles on the manufacturing sector activity?.- 20. What is the impact of selected financial regulation and macro-prudential tools on credit to the manufacturing sector?.- 21. Did monetary policy cycles propagate the impact of credit and financial cycles on activity in the manufacturing sector during 2005Q1 and 2008Q3?.- 22. What was the role of demand shocks, supply shocks, productivity shocks and monetary policy shocks on the manufacturing sector during 2005Q1 and 2008Q3?.- 23. The role of electricity price shocks on the manufacturing sector output and employment growth.- 24. What is the impact of the manufacturing sector output and sub-sector employment growth on the labour absorption and participation rates?.- 25. What is the nature of the output-employment in the manufacturing sector? Evidence from the manufacturing subsectors.- 26. What are the effects of the minimum wage and productivity growth on the manufacturing sector output and employment growth?.- 27. What is the impact of market income concentration and the mergers and acquisitions channel on the manufacturing sector?.
Africa and Globalization
This edited volume examines the challenges of globalization in light of the need to revisit and reconceptualize the notion of Pan-Africanism. The first part of the book examines globalization and Africa's socioeconomic and political development in this century by using the Diopian Pluridisciplinary Methodology. This approach is imperative because the challenges faced by Africa vis-?-vis globalization and socioeconomic development are so multiplexed that no single disciplinary approach can adequately analyze them and yield substantive policy recommendations. The chapters in the second part analyze the imperatives for Africa's global knowledge production, development, and economic transformation in the face of the pressures of globalization. Part two demonstrates an urgent need for Africa's significant participation in the global knowledge economy in order to meet the continent's modern transformation and development aspirations. The final part examines lessons from old and newPan-Africanism and how they can be utilized to deal with the challenges emanating from the forces of modern globalization. With its multidisciplinary approach to a wide range of pressing, modern issues for the African content, this book is essential reading for scholars across the social sciences interested in where Africa is now and where it should go in this increasingly globalized world.
The European Central Bank as a Sustainability Role Model
This book examines selected actions and investments of the European Central Bank (ECB) from a climate and sustainability standpoint. Shedding new light on the topic from various angles - ethical, philosophical, political, economical and legal - it situates sustainability mainstreaming in the finance and investment field at all levels. The former ECB President Mario Draghi once said that he considered sustainable development and an intact environment to be human rights, and therefore enshrined in the EU Charter of Fundamental Rights. The acting ECB President Christine Lagarde added that the future path for the climate is uncertain, but it would remain within our power to influence it. However, with all that in mind the ECB's policy of buying assets as securities is often questionable. This volume analyzes these actions in connection with sustainability, and puts forward practical recommendations for improving the ECB's investment strategy on its way creating a sustainable financial market.
The Achaean Federation in Ancient Greece
This book analyses ancient Greek federalism by focusing on one of the most organised and advanced Greek federal states, the Achaean Federation Sympoliteia. Unlike earlier studies that mainly focused on its political history, this book adopts an interdisciplinary approach, analysing aspects of the economic organization and institutions, and the political economy of the Achaean Federation, and combining these findings with political history. It also discusses the strategic choices made by significant historical figures such as generals Aratos and Philopoemen. The analysis of the Achaean Federation verifies the intertemporal federal axiom, which states that the success and viability of federal experiment is achieved when the benefits of participation for the member-states exceed the costs of conferring national sovereignty on supranational federal authorities.The book further argues that the Achaeans developed a system of sophisticated direct democratic procedures in decision-making on federal matters, as well as significant and highly sophisticated (for the era) economic institutions and federal practices, in order to achieve bonds of trust and legitimacy regarding their innovative federal structure. These practices included, among others, the creation of free market type economic institutions, a monetary union, federal budget, provision of public goods and a common defense and security policy for all the Achaean city-state members. Lastly, the book relates these findings to ideas on how the Achaean Federation would have dealt with a series of current global issues, such as European Union integration and problems such as Euroscepticism, Brexit and immigration.
Cultural Commons and Urban Dynamics
Today, cities are being intensively reshaped by unexpected dynamics. The rise and growth of the digital economy have fundamentally changed the relationship between the urban fabric and its resident community, overcoming the conventional hierarchy based on production priorities. Moreover, contemporary society discovers new labour conditions and ways of satisfying needs and desires by developing new synergies and links. This book examines cultural and urban commons from a multidisciplinary perspective. Economists, architects, urban planners, sociologists, designers, political scientists, and artists explore the impact and implications of cultural commons on urban change. The contributions discuss both cases of successful urban participation and cases of strong social conflict, while also addressing a host of institutional contradictions and dilemmas. The first part of the book examines urban commons in response to institutional constraints from a theoretical point of view. The second and third parts apply the theories to case studies and discuss various practices of sustainable planning and re-appropriation in the urban context. In closing, the fourth part develops a new urban agenda as artists imagine it. This book will appeal to scholars interested in the social, economic and institutional implications of cultural and urban commons, and provide useful insights and tools to help local governments and policymakers manage social, cultural and economic change.
Progress Through Regression
The Cobb-Douglas regression, a statistical technique developed to estimate what economists called a 'production function', was introduced in the late 1920s. For several years, only economist Paul Douglas and a few collaborators used the technique, while vigorously defending it against numerous critics. By the 1950s, however, several economists beyond Douglas's circle were using the technique, and by the 1970s, Douglas's regression, and more sophisticated procedures inspired by it, had become standard parts of the empirical economist's toolkit. This volume is the story of the Cobb-Douglas regression from its introduction to its acceptance as general-purpose research tool. The story intersects with the histories of several important empirical research programs in twentieth century economics, and vividly portrays the challenges of empirical economic research during that era. Fundamentally, this work represents a case study of how a controversial, innovative research tool comes to be widely accepted by a community of scholars.
Corporate Governance of Chinese Multinational Corporations
This book is the first to explore the issue of corporate governance in China's new corporations. With rapid development over the last two decades, China has seen compelling achievements in overseas investment. Specifically, an increasing number of Chinese companies have been "going out" to become multinational enterprises. From the practical view, corporate governance issues have been identified in the literature as one of the most important factors in determining whether these Chinese multinational enterprises succeed or not. However, existing literature provides little investigation and understanding about corporate governance of Chinese multinational enterprises. This book fills that gap and will be of value to corporate executives, scholars of China's economy, and journalists.
The Israeli Economy, 1995-2017
This book describes and analyses developments in the Israeli economy from 1995 to 2017. During this period, inflation was vanquished, the deficit in the balance of payments turned into a surplus, the public debt to GDP ratio sharply decreased, and unemployment has declined to an historical low. Nevertheless, the economy still suffers from many maladies: the productivity level is among the lowest in the developed world, and inequality has generally been on the rise. In the face of these threats to future growth and social cohesiveness, the question arises: has the reliance on market forces gone too far, and has the government retreated from its traditional tasks, tasks the private sector cannot (or does not) perform.
The Israeli Economy, 1995-2017
This book describes and analyses developments in the Israeli economy from 1995 to 2017. During this period, inflation was vanquished, the deficit in the balance of payments turned into a surplus, the public debt to GDP ratio sharply decreased, and unemployment has declined to an historical low. Nevertheless, the economy still suffers from many maladies: the productivity level is among the lowest in the developed world, and inequality has generally been on the rise. In the face of these threats to future growth and social cohesiveness, the question arises: has the reliance on market forces gone too far, and has the government retreated from its traditional tasks, tasks the private sector cannot (or does not) perform.
The Carlsberg Story
This book offers a comprehensive business history of one of the largest global brewing companies. By combining industrial history with insights from corporate management and strategy, it reveals the success story of a family-owned company that has achieved a market-leading position worldwide. The author provides deep insights into the founding of the modern Danish brewery by J.C. Jacobsen Carlsberg in 1847, the company's subsequent rapid success, the relationship between brewing and science, and the importance of the Danish scientist H.C. ?rsted in establishing this relationship. Readers will also learn about the founder's son, Carl Jacobsen, and the tensions between him and his father; the establishment of the Carlsberg Foundation in 1876; and the transfer of J.C. Jacobsen's breweries to the foundation in 1888, which makes it likely the oldest managing foundation in Europe. Further chapters cover business agreements concerning the Danish beer market in the 20th century, therelations with Tuborg Ltd., the period of occupation in 1940-45, and how Carlsberg finally merged with - but in reality took over -Tuborg in 1970 and missed out on international business opportunities in the 1980s and 1990s. It also examines why Carlsberg has pursued an aggressive expansion strategy since 2000, e.g. by taking over its competitor Scottish and Newcastle together with Heineken in 2008, and has now become the third largest brewery in the world. This book is a must-read for anyone interested in the history of brewing and the success factors of one of the leading global breweries.
The Ethics of Economic ResponsibilityTheEthics of Economic Responsibility
This book raises fundamental ethical questions related to the conceptualization of economic responsibility, that is: the imperative to fulfil certain economic obligations. It builds on a basic characterization of the question of ethics in order to introduce responsibility as a constitutive element.
The Commons in an Age of Uncertainty
In the last two hundred years, the earth has increasingly become the private property of a few classes, races, transnational corporations, and nations. Repeated claims about the "tragedy of the commons" and the "crisis of capitalism" have done little to explain this concentration of land, encourage solution-building to solve resource depletion, or address our current socio-ecological crisis. The Commons in an Age of Uncertainty presents a new explanation, vision, and action plan based on the idea of commoning the land. The book argues that by commoning the land, rather than privatising it, we can develop the foundation for prosperity without destructive growth and address both local and global challenges. Making the land the most fundamental priority of all commons does not only give hope, it also opens the doors to a new world in which economy, environment, and society are decolonised and liberated.
Conceptual Economics: The Liaising Role in Politics and Social Sciences
Given that there is no shortage of economic theories while economic problems are growing periodically, Conceptual Economics boldly attempts to initiate a new approach by employing conceptual and intuitive tools to examine the intra-relationship between microeconomics and macroeconomics as well as the inter-relationship between economic analysis and other social science studies, especially the relationship with political science. The few intuitive ideas include the separation between ex-ante situations and ex-post outcomes, the difference between endowment differences and unequal outcomes, and the role of economics as a vehicle in the delivery of numerous social and political activities. The discussion extends to cover an analysis on human values and concludes with a recommendation on the functionality of civic capitalism. With intuition and analytical reasoning within economics and with other social sciences, Conceptual Economics can become a new branch in economic study where scholars, analysts and intellectuals could "think outside the box" by liaising a wider economic perspective and/or amalgamating non-economic aspects into their analysis. This shall provide a new dimension to solving human economic problems and possibly area of intellectuality.
Econometric Analysis of Panel Data
This textbook offers a comprehensive introduction to panel data econometrics, an area that has enjoyed considerable growth over the last two decades. Micro and Macro panels are becoming increasingly available, and methods for dealing with these types of data are in high demand among practitioners. Software programs have fostered this growth, including freely available programs in R and numerous user-written programs in both Stata and EViews.Written by one of the world's leading researchers and authors in the field, Econometric Analysis of Panel Data has established itself as the leading textbook for graduate and postgraduate courses on panel data. It provides up-to-date coverage of basic panel data techniques, illustrated with real economic applications and datasets, which are available at the book's website on springer.com. This new sixth edition has been fully revised and updated, and includes new material on dynamic panels, limited dependent variables and nonstationary panels, as well as spatial panel data. The author also provides empirical illustrations and examples using Stata and EViews. "This is a definitive book written by one of the architects of modern, panel data econometrics. It provides both a practical introduction to the subject matter, as well as a thorough discussion of the underlying statistical principles without taxing the reader too greatly."Professor Kajal Lahiri, State University of New York, Albany, USA. "This book is the most comprehensive work available on panel data. It is written by one of the leading contributors to the field, and is notable for its encyclopaedic coverage and its clarity of exposition. It is useful to theorists and to people doing applied work using panel data. It is valuable as a text for a course in panel data, as a supplementary text for more general courses in econometrics, and as a reference."Professor Peter Schmidt, Michigan State University, USA."Panel data econometrics is in its ascendancy, combining the power of cross section averaging with all the subtleties of temporal and spatial dependence. Badi Baltagi provides a remarkable roadmap of this fascinating interface of econometric method, enticing the novitiate with technical gentleness, the expert with comprehensive coverage and the practitioner with many empirical applications." Professor Peter C. B. Phillips, Cowles Foundation, Yale University, USA.
Advanced Macroeconomics
Advanced Macroeconomics covers selected topics in advanced macroeconomics at undergraduate level and bridges the gap between intermediate macroeconomics for undergraduates and advanced macroeconomics for postgraduates. By building on materials in intermediate macroeconomics textbooks and covering the mathematics of some classic dynamic general-equilibrium models, this book will give undergraduate students a firm appreciation of modern developments in macroeconomics. This book examines the implications of government policies (such as fiscal policy, monetary policy and innovation policy) and devotes several chapters to economic growth, covering the ideas for which Paul Romer was awarded the Nobel Memorial Prize in Economic Sciences in 2018.Dynamic general equilibrium is the foundation of modern macroeconomics. Chapter 1 begins with a simple static model to demonstrate the concept of general equilibrium. Chapters 2 to 4 cover the neoclassical growth model, exploring the effects of exogenous changes in technology: an important source of business cycle fluctuations. Chapters 5 to 7 use the neoclassical growth model to explore the effects of fiscal policy instruments such as government spending, labour income tax and capital income tax. Chapter 8 develops a simple New Keynesian model to analyse the effects of monetary policy. Chapter 9 begins the analysis of economic growth by reviewing the Solow growth model. Chapters 10 to 12 present the Ramsey model and introduce different market structures to the model to lay down the foundation of the Romer model. Chapter 13 incorporates an R&D sector into the Ramsey model with a monopolistically competitive market structure to develop the Romer model of endogenous technological change. Chapters 14 to 15 examine the implications of the Romer model. Chapter 16 concludes this book by presenting the Schumpeterian growth model and examining its different implications from the Romer model.
Heterodox Challenges in EconomicsTheoretical Issues and the Crisis of the Eurozone
This book discloses the economic foundations of European fiscal and monetary policies by introducing readers to an array of alternative approaches in economics. It presents various heterodox theories put forward by classical economists, Marx, Sraffa and Keynes, as a coherent challenge to neo-classical theory. The book underscores and critically assesses the analytical inconsistencies of European economic policy and the conservative nature of the current European governance. In this light, it examines the political obstacles to proposals to reform the European monetary union, as well as those originating in the neo-mercantilist German model. Given its scope and format, the book offers a valuable asset for researchers and members of the general public alike.
Trade and Maritime Transport Trends in the Pacific
Improving seaport infrastructure and trade practices can reduce the cost of goods and services and improve the quality of life for communities across the Pacific. This study reviews trade patterns and provides recommendations on regional approaches to help address shared constraints such as climate change and exposure to external shocks. It looks at how trade flows in the Pacific are changing, how growth will affect seaport operations and shipping services, and how trade efficiency can be improved.
The Evolution of Economies
The Evolution of Economies provides a clear account of how economies evolve under a process of support bargaining and money bargaining. They both allow people to determine their interests and requirements by reference to their present circumstances. This gives the bargaining system a natural evolutionary dynamic, allowing society to evolve from
Economic Crisis and Structural Reforms in Southern Europe
In recent years the countries of southern Europe have undergone, with varying intensity, a serious and prolonged economic crisis. Most have had to implement comprehensive economic adjustment programmes, including a wide range of structural reforms. Economic Crisis and Structural Reforms in Southern Europe examines these reforms, drawing policy lessons from their successes and failures.This book employs two basic strands of analysis: issues of policy design, and political economy considerations. It considers the choice of timing and sequencing of reforms, the choice of the appropriate policy instruments, the pressure of interest groups and the political calculations involved in reforms. Featuring chapters in which contributors explore both national cases of specific structural reforms, and a comparative approach in order to evaluate similar reforms across countries, this important and topical work explores ongoing issues within the economy. Focusing on the challenges of designing and implementing structural reforms under conditions of crisis, this book will be of interest to policy makers and researchers from national and international organizations as well as academics and members of research institutes interested in the economics and politics of the Eurozone crisis.
Gastronomy and Local Development
Gastronomy has a powerful impact on local development. Public policies have developed in response to research, highlighting gastronomy as key in a successful tourism economy. This book considers how the quality of products, places and experiences contributes to the desirability and competitiveness of gourmet touristic destinations.
The Economic Thought of Friedrich List
As the world grapples with increased globalization and technological change, Friedrich List's work appears more relevant than ever before. His theory of "productive powers" and his argument for protecting infant industries give us a valuable way of looking at innovation systems, winners and losers in international trade, and the current shift towards economic and political nationalism.Comprising fifteen specially commissioned chapters from a range of international scholars, this book explores many aspects of List's economic thought, including industrial development, political economy, the economics of education, infrastructure and catching-up processes in Asian economies.This volume will be illuminating reading for advanced students and researchers in the history of economic thought, economic history, economic policy and international trade.
Revisiting Classical Economics
The financial crisis and the economic crisis that followed triggered a crisis in the subject of economics, as it is typically being taught today especially in macroeconomics and related fields. A renewed interest in earlier authors, especially the classical economists from Adam Smith to David Ricardo and John Maynard Keynes, developed. This book
Central America
This book addresses selected aspects of reconstructing Central American's industrial and trading system. Special attention is given to the role of the European Community in regional reconstruction and integration and analyzes the economic legacy of the 1980s and the impact of adjustment policy. .
Economic Development at the Community Level
This book reviews, organizes, and synthesizes the international research literature on community-level economic development in developing nations. It emphasizes peer-reviewed, applied research as a solid knowledge base that can foster real change in local communities.
The Capitalist Commodification of Animals
This volume offers analysis regarding the historical transformations in the material conditions and ideological conceptions of nonhuman animals, alienated speciesism, the ecological crisis that is undermining the conditions of life for all species, and the capitalist commodification of animals that results in suffering, death, and profits.
Negative Interest Rates
This volume of Critical Studies on Corporate Responsibility, Governance and Sustainability titled Negative Interest Rates: The Black Hole of Financial Capitalism is the English translation of and already published french book about Financial Capitalism. It explores the themes and the consequences of Negative interest and capitalism.
