Economics
Now in its fourth edition, Economics: The Basics continues to provide an engaging and topical introduction to the key issues in contemporary economics.The new edition has been fully updated to take into account recent world economic events and key developments, such as the impact of the Covid-19 pandemic and the war in Ukraine, recurring financial crises, deglobalisation and changing patterns in international trade, the rise of China, the digital economy, rising inflation, and housing and currency markets. It covers fundamental issues, including: How different economic systems function The boom-and-bust cycle of market economies The impact of multinational corporations How price, supply and demand interact The role of the banking and finance industry Whether we can reduce poverty and protect the environment With a glossary of terms, suggestions for further reading and new case studies, this comprehensive and accessible guide is essential reading for first-year undergraduate economics students and anyone who wants to understand how economics works.
Vulture Capitalism
In the vein of The Shock Doctrine and Evil Geniuses, this timely and "galvanizing" (Naomi Klein, New York Times bestselling author) manifesto illustrates how corporate and political power brokers have used capitalism to advance their own interests at the expense of the rest of us--and how we can take back our economy. It's easy to look at the state of the world around us and feel hopeless. We live in an era marked by war, climate crisis, political polarization, and acute inequality--and yet many of us feel powerless to do anything about these profound issues. We've been assured that unfettered capitalism is necessary to ensure our freedom and prosperity but why, in our age of unchecked corporate power, are most of us living paycheck to paycheck? When the economy falters, why do governments bail out corporations and shareholders but leave everyday people in the dust? Now, acclaimed journalist and progressive star on the rise Grace Blakeley exposes the corrupt system that is failing all around us, pulling back the curtain on the free-market mythology we have been sold. She also clearly illustrates how, as corporate interests have taken hold, governments have historically been shifting away from competition and democracy towards monopoly and oligarchy. Tracing over a century of neoliberal planning and backdoor bailouts, Blakeley takes us on a deeply reported tour of the corporate crimes, political maneuvering, and economic manipulation that elites have used to enshrine a global system of "vulture capitalism"--planned capitalist economies that benefit corporations and the uber-wealthy at the expense of the rest of us. As "the sort of book that will help us make a better world" (Rob Delaney, New York Times bestselling author), Vulture Capitalism exposes the cracks already emerging within capitalism, lighting a path forward for how we can democratize our economy, not just our politics, to ensure true freedom for all.
The Dawn of the Pacific Century
This book is a bold affirmation of the Asian "miracle" of development, an explanation of the reasons for its success, and a review of its implications.
Indigenous Peoples and Mining
Indigenous peoples have occupied their territories for thousands of years, territories that are increasingly being mined by an industry applying the most modern extractive, marketing, and transport technologies on a scale that can be difficult to comprehend. Mining reshapes landscapes, literally moving mountains and diverting rivers; the Indigenous owners of these landscapes often believe them to have been originally shaped by ancestor beings who still reside at mining locations. This book seeks to understand the political, social, economic, and cultural dynamic that is created by the relentless expansion of mining into Indigenous territories. Contributing to such an understanding involves a task of global significance: Indigenous peoples embody a large part of the world's linguistic and cultural diversity; their lands cover an estimated 25 per cent of the world's land surface, intersect with about 40 per cent of all ecologically intact landscapes, and contain a large proportion of the world's mineral resources. Must interaction between Indigenous peoples and mining involve the destruction of Indigenous peoples, territories, and cultures? Can the remarkable resilience that has allowed Indigenous peoples to survive for millennia enable them not only to survive, but to capitalize on the development opportunities offered by mining? What role are governments, international organizations, and civil society playing in shaping relations between mining and Indigenous peoples? Ciaran O'Faircheallaigh addresses these and other questions by drawing on his own 30 years of experience working with Indigenous communities as they deal with mining projects, and on the experiences of Indigenous peoples in some 15 countries from different regions of the globe.
The Economics of Art and Culture
Spanning the economics of the fine arts, performing arts, and public policy, this updated classic is the go-to resource for navigating today's creative industries. Building on real-world data, engaging case studies, and cutting-edge research, it prepares students for careers in the cultural, creative, and public sectors. By avoiding mathematical treatments and explaining theories with examples, this book develops theoretical concepts from scratch, making it accessible to readers with no background in economics. While most of the theory remains timeless, this new edition covers changes in the world's economic landscapes. Updates include new sections on gender representation, cultural districts and tourism, digital broadcasting and streaming, how technology impacts the arts, and arts management and strategy. The authors demonstrate data-driven decision-making using examples and cases from various databases. Students learn to assess academic results and apply the learned material using the discussion questions and problem sets.
Toward a Hayekian Theory of Social Change
Bringing together several scholars from different social science disciplines who relate Hayek's theory of social change to empirical phenomena and methodological debates within their respective disciplines, Toward a Hayekian Theory of Social Change explores Hayek's political economy and social philosophy in new perspective.
The Economics of Art and Culture
Spanning the economics of the fine arts, performing arts, and public policy, this updated classic is the go-to resource for navigating today's creative industries. Building on real-world data, engaging case studies, and cutting-edge research, it prepares students for careers in the cultural, creative, and public sectors. By avoiding mathematical treatments and explaining theories with examples, this book develops theoretical concepts from scratch, making it accessible to readers with no background in economics. While most of the theory remains timeless, this new edition covers changes in the world's economic landscapes. Updates include new sections on gender representation, cultural districts and tourism, digital broadcasting and streaming, how technology impacts the arts, and arts management and strategy. The authors demonstrate data-driven decision-making using examples and cases from various databases. Students learn to assess academic results and apply the learned material using the discussion questions and problem sets.
Principal-Agent Problems in Public Enterprises in Kosovo
Doctoral Thesis / Dissertation from the year 2018 in the subject Economics - Case Scenarios, language: English, abstract: Publicly Owned Enterprises (POEs) in Kosovo are present largely in the market, with a focus on sectors such as electricity, railways, telecommunications, waste management, etc. This presence is followed by the constant need for subsidies from the government and weak financial and commercial performance. POEs in Kosovo are faced with numerous challenges including weak governance and management. Agency Theory is used widely as a tool with which to explain governance and functioning of organisations and companies. In addition, Agency Theory is used to explore relations between stakeholders in politics and the economy. This study first elaborates upon the applicability of Principal-Agent Theory in POEs in Kosovo and then identifies the presence of principal-agent problems and identifies the nexus between such problems and poor performance of POEs. Identification of principal-agent problems may help to identify the reason for poor performance of POEs and the lack of transparency, accountability and supervision. POEs are subsidised by the state on an annual basis, which makes the identification of problems in having profitable POEs important for public interests, too. Such importance is due not only to the fact that POEs are financed by taxpayers but also to the fact that they are supposed to provide services in public interests by being self-sustainable and profitable for the government as a shareholder. The study aims to conclude that principal-agent problems such as capture, rent-seeking, moral hazard, information asymmetry and adverse selection are present in POEs in Kosovo, and that they have a negative impact on their performance. Such principal-agent problems and their negative performance may also be influenced by gaps in legislation and weak law enforcement.
The Empire of Value
An argument that conceiving of economic value as a social force makes it possible to develop a new and more powerful theory of market behavior. With the advent of the 2007-2008 financial crisis, the economics profession itself entered into a crisis of legitimacy from which it has yet to emerge. Despite the obviousness of their failures, however, economists continue to rely on the same methods and to proceed from the same underlying assumptions. Andr矇 Orl矇an challenges the neoclassical paradigm in this book, with a new way of thinking about perhaps its most fundamental concept, economic value. Orl矇an argues that value is not bound up with labor, or utility, or any other property that preexists market exchange. Economic value, he contends, is a social force whose vast sphere of influence, amounting to a kind of empire, extends to every aspect of economic life. Markets are based on the identification of value with money, and exchange value can only be regarded as a social institution. Financial markets, for example, instead of defining an extrinsic, objective value for securities, act as a mechanism for arriving at a reference price that will be accepted by all investors. What economists must therefore study, Orl矇an urges, is the hold that value has over individuals and how it shapes their perceptions and behavior. Awarded the prestigious Prix Paul Ricoeur on its original publication in France in 2011, The Empire of Value has been substantially revised and enlarged for this edition, with an entirely new section discussing the financial crisis of 2007-2008.
Purpose Driven Paycheck
Purpose Driven Paycheck is a collection of inspiring stories from individuals who have overcome fear and obstacles to follow their passion when it comes to their work.This anthology is here to encourage and inspire you to find your purpose in your work, business, or career while giving you tangible tips and advice from people who forged the way.The book's mantra is, "Follow your passion and purpose, and success will surely follow."Join the founder, Gina Redzanic, as well as 17 other amazing authors in Purpose Driven Paycheck: Christina MottaLacey BroockeColleen Paul-HusNichole ReaRebecca ManciniTiffany and Marco CondeJacqueline LongTeri NolanStacey DuncanSarah DeanMary SorobeyDebbie WorthingtonKrystan SamaniegoElizabeth LeConeyMike Gostola and Carla ShawJessika FielderAngela Bell
A Career In International Trade
Few careers are more exciting than those in the domain of international trade. Dynamic, fast-paced, and cosmopolitan, you would be hard-pressed to find a more exhilarating professional pursuit-and for those of us with a penchant for travel and learning new things, hardly anything could be more thrilling.But how to break into such a wide-ranging, ever-changing domain? Enter A Career in International Trade - Living the Dream, a practical introductory guide to the thrilling arena of international trade. Drawing on his decades-long experience as a trade practitioner alongside the accounts of over twenty modern-day professionals involved in cross-border commerce, author Marvin Hough sketches the contours of the essential issues for someone to consider when entering the field, from more enduring questions-like those around bridging cultural and linguistic difference-to more timely concerns, such as dealing with supply chain disruptions. Some of the key issues addressed include . . . - The unique-and uniquely accessible-opportunities available in international trade, including travelling the world, learning new languages and cultures, and broadening one's overall perspective - The wide variety of career options in the industry, from market researcher to risk manager, company accountant to trade lawyer - The skills necessary to keep up in this competitive arena, and ways to continually hone them-including industry-respected programs and certifications - The nature of the fast-moving changes currently shaping and expected to shape the field into the futureWith its practical focus, A Career in International Trade - Living the Dream is the perfect helpful, educative resource for anyone looking to break into the electrifying world of international trade.
A Career In International Trade
Few careers are more exciting than those in the domain of international trade. Dynamic, fast-paced, and cosmopolitan, you would be hard-pressed to find a more exhilarating professional pursuit-and for those of us with a penchant for travel and learning new things, hardly anything could be more thrilling.But how to break into such a wide-ranging, ever-changing domain? Enter A Career in International Trade - Living the Dream, a practical introductory guide to the thrilling arena of international trade. Drawing on his decades-long experience as a trade practitioner alongside the accounts of over twenty modern-day professionals involved in cross-border commerce, author Marvin Hough sketches the contours of the essential issues for someone to consider when entering the field, from more enduring questions-like those around bridging cultural and linguistic difference-to more timely concerns, such as dealing with supply chain disruptions. Some of the key issues addressed include . . . - The unique-and uniquely accessible-opportunities available in international trade, including travelling the world, learning new languages and cultures, and broadening one's overall perspective - The wide variety of career options in the industry, from market researcher to risk manager, company accountant to trade lawyer - The skills necessary to keep up in this competitive arena, and ways to continually hone them-including industry-respected programs and certifications - The nature of the fast-moving changes currently shaping and expected to shape the field into the futureWith its practical focus, A Career in International Trade - Living the Dream is the perfect helpful, educative resource for anyone looking to break into the electrifying world of international trade.
Virtual Trade in a Changing World
Virtual economic transactions have radically transformed the way we think about trade and markets in closed and open economies. Continuous decline in costs of information and communications and setting up of phenomenally large number of virtual platforms have brought in 'Time' as an essential element in the discourse on international trade. This work delves deep into the issue of how Time enters as a major catalyst of international trade and virtual transactions. This changes the way we look at ideas of comparative advantage, factor mobility, growth, income distribution, and allied concepts. A key result is that greater physical distance might encourage trade contrary to what we are accustomed to accept.
Frontiers of Political Economy
Transcending the arid formalism of present-day economic theory, Frontiers of Political Economy develops a new and accessible perspective on the world economy. Guglielmo Carchedi identifies and analyses three key features of modern capitalism: the rapidly increasing share of human labour needed for the advancement of science and technology rather than for the production of goods; the global, rather than national, nature of production, distribution and consumption; and the dominance of the oligopolies. This analysis enables Carchedi to explore new theoretical frontiers: from an original theory of mental and material labour to an investigation of the conditions under which mental labour produces value; from an assessment of the class structure of modern capitalism to an appraisal of the social content of science and technology; from an alternative account of crises, inflation and stagflation to a study of their relation to the destruction of value and to arms production. He also cast fresh light on a number of basic contemporary issues--including the present financial and monetary crisis--and surveys the most important recent controversies in language accessible to non-specialists. Rigorous and wide-ranging, but written with great lucidity, Frontiers of Political Economy is an essential book for both specialists and students in economics and politics.
The Age of Insecurity
We live in an era in which the culture and values of big business are dominant. The riptides of capital swirl around the globe ruining entire economies overnight. Directors and chief executives cash in stock options for unimaginable fortunes while whole workforces are "downsized" as companies relocate at a whim. Environmental degradation escalates as the earth's resources are looted. The dream of worldwide prosperity and peace is given the lie from Kosovo to the Congo, from the drug baronies of South America to the criminal empires of the former Soviet Union. Welcome to the Age of Insecurity. In the face of this slow-motion global coup d'etat by untrammelled finance, traditionally left leaning parties now in power have abandoned their concern with regulating business for a compulsive and self-righteous moralism; the Blair government stands as a perfect exemplar in this trend. In the coruscating argument the authors make a plea for government to turn strictures concerning ethics away from the citizen and on to a financial system that is making our society ever more precarious. Since the publication of the hardback of The Age of Insecurity in May 1998 events have conspired to validate the author's argument. In a new preface and afterword Elliott and Atkinson draw out the lessons to be learned from the hedge-fund crisis, the disintegration of the rouble and the spreading of economic turmoil in Latin America. The Age of Insecurity is, more than ever, a vital and radical tract for our times.
Silk Road Chronicles
Uncover the Rich Tapestry of the Silk Road's Past and PresentAre you ready to embark on an extraordinary journey through time and across continents? Dive into the captivating world of the Silk Road with our exclusive book bundle, the "SILK ROAD CHRONICLES." This meticulously curated collection delves deep into the heart of one of history's most iconic and influential trade networks.BOOK 1 - SILK ROADS OF ANTIQUITY: Trade and Cultural Exchange in the Ancient WorldStep back in time to explore the origins and early routes of the Silk Road. Discover how ancient civilizations engaged in the exchange of goods, ideas, and cultures that shaped the world we know today. Unearth the secrets of the fabled Silk Road caravans, the timeless allure of silk, and the crossroads where art, religion, and ideas converged.BOOK 2 - SILK ROAD EMPIRES: The Medieval Era of Silk and SpiceTravel through the medieval era of the Silk Road, a time when empires rose and fell, and the scent of spices filled the air. Journey alongside merchants and explorers as they navigate the treacherous routes, uncovering the riches of distant lands. Immerse yourself in the stories of thriving Central Asian trading capitals and the crossroads of faith where religions mingled and transformed.BOOK 3 - SILK ROAD REVIVAL: From Marco Polo to the Age of ExplorationExperience the Renaissance of the Silk Road as adventurers like Marco Polo embark on epic journeys. Discover the tales of exploration, diplomacy, and innovation that reshaped the world. From Venice to Xi'an, follow in the footsteps of those who bridged East and West, creating a legacy that still resonates today.BOOK 4 - MODERN SILK ROAD: Globalization and the 21st Century Belt and Road InitiativeFast forward to the 21st century and witness the revival of the Silk Road on a global scale. Delve into the ambitious Belt and Road Initiative, where nations are connected by vast infrastructure projects and economic cooperation. Explore the digital Silk Road, environmental sustainability, and the challenges and controversies surrounding this modern marvel.Whether you're a history enthusiast, a cultural explorer, or simply curious about the world's most famous trade network, the SILK ROAD CHRONICLES will take you on an unforgettable voyage through time and across continents. Grab this exclusive bundle today and embark on an adventure that will forever change the way you see the world. Don't miss out on this opportunity to own a piece of history - order now!
Modern Capitalism - Volume 2
A world of new and rapidly developing technology. A world of innovations in finance, not to mention disastrous bubbles. A world in which saying or believing in the wrong thing can lose you your livelihood or even your life. A world in which beggars line the streets and employers cannot find enough workers.Sound familiar?This is the world which gave birth to modern capitalism.Sombart takes us on a journey through the epoch of early capitalism, exploring the factors that influenced its development, from the development of a demand for luxury goods by French courtesans, to the demand for weapons and uniforms for the new standing armies, to the use of colonisation for creating the demand for and the supply of goods, to the creation of the 'worker' as something different from the craftsman and the entrepreneur as an entirely new phenomenon.
Globalization
Globalization: A Key Idea for Business and Society analyzes today's process of global integration. Globalization is seen as a complex phenomenon, the drivers of which are of a technological, institutional, cultural and, not least, political nature.The book includes a historical analysis of the rise, and fall, of the "first globalization" wave which took place between the end of the Napoleonic Wars and the Great War. The chapters focus on the measurement of the global integration process, on the in-depth analysis of the above mentioned "drivers", and on some of the actors playing a relevant role in the process itself - multinational companies and governments as owners of global companies. The conclusion of the book provides a perspective on the current "globalization backlash", its determinants and possible future alternative scenarios.This book is an ideal resource for students and practitioners interested in past, present and future globalization.
Globalization
Globalization: A Key Idea for Business and Society analyzes today's process of global integration. Globalization is seen as a complex phenomenon, the drivers of which are of a technological, institutional, cultural and, not least, political nature.The book includes a historical analysis of the rise, and fall, of the "first globalization" wave which took place between the end of the Napoleonic Wars and the Great War. The chapters focus on the measurement of the global integration process, on the in-depth analysis of the above mentioned "drivers", and on some of the actors playing a relevant role in the process itself - multinational companies and governments as owners of global companies. The conclusion of the book provides a perspective on the current "globalization backlash", its determinants and possible future alternative scenarios.This book is an ideal resource for students and practitioners interested in past, present and future globalization.
Research in the History of Economic Thought and Methodology
Research in the History of Economic Thought and Methodology Volume 41B features a selection of papers presented at the First History of Economics Diversity Caucus Conference.
Modern Capitalism - Volume 2
A world of new and rapidly developing technology. A world of innovations in finance, not to mention disastrous bubbles. A world in which saying or believing in the wrong thing can lose you your livelihood or even your life. A world in which beggars line the streets and employers cannot find enough workers.Sound familiar?This is the world which gave birth to modern capitalism.Sombart takes us on a journey through the epoch of early capitalism, exploring the factors that influenced its development, from the development of a demand for luxury goods by French courtesans, to the demand for weapons and uniforms for the new standing armies, to the use of colonisation for creating the demand for and the supply of goods, to the creation of the 'worker' as something different from the craftsman and the entrepreneur as an entirely new phenomenon.
Threads of Brilliance
English Threads of Brilliance is a comprehensive guide that empowers businesses in the fashion retail domain with practical strategies and valuable insights to thrive. This empowering resource the key to overcoming challenges and unlocking unprecedented growth through easily implementable strategies. It also provides winning formulas for achieving happiness and fulfilment in both personal and professional domain. With over 22 years of rich experience in Fusion Fashion manufacturing, exports, imports, distribution and retail, Rajat Gupta is a seasoned entrepreneur. Known for his innovative strategies and practical approach to business growth. He has successfully collaborated with numerous companies, enabling them to achieve consistent exponential growth and save millions through effective management of dead stock. Portugese Fios de Brilho 矇 um guiaabrangente que capacita as empresas do setor de varejo de moda com estrat矇giaspr獺ticas e informa癟繭esvaliosas para prosperar. Esserecursofortalecedor 矇 a chave para superardesafios e desbloquear um crescimentosemprecedentespormeio de estrat矇giasfacilmenteimplement獺veis. Eletamb矇mfornecef籀rmulasvencedoras para alcan癟ar a felicidade e a realiza癟瓊o no dom穩niopessoal e profissional. Com mais de 22 anos de ricaexperi礙ncianafabrica癟瓊o, exporta癟瓊o, importa癟瓊o, distribui癟瓊o e varejo de Moda Indiana, Rajat Gupta 矇 um empres獺rioexperiente. Conhecidoporsuasestrat矇giasinovadoras e abordagempr獺tica para o crescimento dos neg籀cios. Elecolaborouemsucesso de v獺riasempresas, permitindo que elasalcancem um crescimentoexponencialconsistente e economizemmilh繭es.pormeio do gerenciamentoeficaz do estoqueparado.
Economics and Engineering of Unpredictable Events
In recent decades, the intensification of unpredictable events including the Covid-19 outbreak, Brexit, trade warfare, religion-inspired terrorism and civil wars, and climate change has resulted in serious loss of human lives and property, a decrease in biodiversity and natural hazards (with long-term negative impacts on environment), and impeded social and economic development. Economics and Engineering of Unpredictable Events: Modelling, Planning and Policies provides an integrated view of the management of unpredictable events incorporating three major perspectives: economic management, environmental planning and engineering models. Contributors from economics, planning, regional science, and engineering address key questions including; How resilient are human societies and their habitats? What should societies do to shift from being vulnerable to being more resilient? And what role should planning and policies play to protect communities and the natural environment? The chapters cover academic debates, conceptual reflections, case studies, methods, and strategy development with particular reference to mitigation and adaptation in face of unpredictable events. This book is of particular interest to readers of economic policy, urban and regional planning and engineering.
Accelerating Economic Growth
What made it possible for the human species to conquer the world, build a global digital economy, and still want more? What drives technological progress and economic growth in the long run and on a global scale? And how will technological progress, economic growth, and the overall prosperity of human civilization unfold in the future? This book sheds new light on these big questions by incorporating findings from physics, anthropology, psychology, history, philosophy, and computer science in a brand-new theory of economic growth. Looking back across the millennia, it identifies five major technological revolutions which have transformed humankind's capacity to process energy and information--the cognitive, agricultural, scientific, industrial, and digital revolutions--and characterizes the new avenues of economic development which they have opened while also exponentially accelerating growth.
Oil and National Identity in the Kurdistan Region of Iraq
This book examines the interplay between the oil industry and identity politics using the Kurdistan Region of Iraq as a case study.
Global Capital and Social Difference
This volume offers insights into ongoing, global socio-economic transformations by directing attention to the significance of labour, work, craft, community, social institutions, social movements and, emergent subjectivities in different parts of the world. .
Political Economy of Class, Caste and Gender
This book examines the structures of power and hierarchies within the agrarian political economy in India, with a focus on gender.
Rice and Industrialisation in Asia
This book is about the introduction of modern power-driven rice milling to the main rice exporting countries of Burma (Myanmar), Siam (Thailand) and French Indo-China (Vietnam) from 1869.
Kalecki and Kaleckian Economics
This book helps in pushing forward a Kaleckian research agenda that is even more urgent given the 2007-2009 financial crisis and the current post-COVID recovery. Michal Kalecki was a leading heterodox economist, whose influence in the field perhaps even surpasses that of Keynes. Kalecki's insights are even more relevant today, and scholars are encouraged to apply his conclusions to ensure the sustainability of our economic systems. This edited volume, honouring the work of Michal Kalecki, includes chapters contributed by celebrated Kaleckian economists. In honour of the 50th anniversary of his demise, the Review of Political Economy (ROPE) and Edward Lipiński Foundation hosted a conference in September 2020 to celebrate his contribution to heterodox economics and his lasting legacy. These chapters, honouring the work of Michal Kalecki, span a panoply of topics and include a personal note from one of his former students and friend, and cover topics such as Kalecki's relationship with the Cantabrigians, labour economics, fiscal policy, income distribution, gender, finance, debt, and democracy. The chapters in this book were originally published as a special issue of the journal Review of Political Economy.
Vietnam
Is Vietnam the world's next Tiger Economy? Can it grow like Taiwan and South Korea did when they were Tiger Economies in the 1980s and '90s? Brook Taylor and Sam Korsmoe bring together more than five decades of in-country experience, observations, and connections to explore these questions and determine whether Vietnam will be a high-income nation by 2050.For more than twenty-five years, Vietnam has been one of the most dynamic countries in the world in terms of GDP, trade, and investment growth while also increasing the living standards of the vast majority of its nearly 100 million citizens. Will the nation continue this growth trend for another twenty-five years? Blending their understanding of Vietnam's legacy and growth with thoughtful attention to current trends and developments, the authors consider the nation's economic future.
Robinson Crusoe's Money (Annotated)
"Robinson Cruso's Money" is actually a monetary experiment which investigates the dynamics and feature of cash. It is based on Daniel Defoe's "Robinson Cruso," wherein the primary character is actually stranded on a deserted isle. A thought experiment involves envisioning that Robinson Crusoe discovers a chest filled with gold coins while stranded on the island.Crucial Points: Isolation: Crusoe could be the single person on the island, and there's no nearby community to trade or maybe commerce with.Absence of Market: The gold coins have no intrinsic worth for Crusoe since there's economic system or no market on island.Utility: Crusoe can not use the gold for practical uses. He cannot consume it, use it for shelter or even swap it for goods or services.Exchange as well as trade: Money gains the worth of its from turning into a medium of exchange in an economic system. Crusoe sees the cash as ineffective since the island is missing an economy or maybe possibility for trade.Economic Lessons: Medium of Exchange: Only cash might be replaced for merchandise and / or perhaps services. As a medium of exchange it loses the electric of its in isolation.The actual distinction between intrinsic and also Instrumental worth. In this thought experiment, the intrinsic worth of a point is actually distinguished from its instrumental worth (the worth of its as an instrument to achieve various other end).Community Construct: Money is a cultural idea mostly. The worth of the moderate is dependent upon the collective agreement kept by a town to swap it.Barter System: If Crusoe encounter someone else on the island, a barter system is going to prove much more helpful without any cash. Barter methods entail immediate exchange of items without the usage of money or maybe another moderate.Source Allocation: Money is not always handy in cases in which resources are actually restricted and must be successfully allotted (such as a deserted island). Abilities, labor, and natural resources turn into the key assets.The Philosophical Implications: The thought experiment carries philosophical ramifications related to the dynamics of worth, man needs as well as the cap of material wealth. When eliminated from societal buildings & norms it challenges us to think about what really matters in life."Robinson Cruso's Money" is actually a theoretical foundation for grasping the basic principles of cash and economics. It lets us realize the contextual and social elements which confer worth on cash.Surely! The "Robinson Crusoe's Money" thought experiment serves as a foundational tool for understanding a number of important concepts in economics, sociology, and also philosophy. Let us delve deeper into each area.Expanded Economic Lessons: Very subjective Theory of Value: In classical economics, the valuation of an item is usually regarded as intrinsic. Nevertheless, the modern, much more nuanced view argues that value is actually very subjective and depending on the energy it offers to the person. Robinson Crusoe's scenario illustrates this perfectly: gold, typically regarded as invaluable, becomes worthless in the context of his since it provides no utility.Portability and liquidity: One of the causes cash is beneficial in contemporary economies is the liquidity of its and portability. You are able to quickly carry it and swap it for a broad range of services and goods. But once again, in Crusoe's remote economy of one, these qualities are actually irrelevant.Marginal Utility: The idea of marginal energy details the extra pleasure or maybe advantage one profits from eating yet another device of a very good or perhaps service. Crusoe's scenario shows that the marginal energy of cash could become 0 in case it can't be replaced for whatever helpful.
Structuralist and Behavioral Macroeconomics
Mainstream macroeconomics is founded on the idea of perfectly rational representative agents. Yet there is a growing realization that economic theories based on such agents are inadequate guides to real-world decision making. The behavioural evidence has had significant impacts on microeconomics but the same cannot be said of macroeconomics. This book is part of the movement to do for macroeconomics what behavioural thinking has done for microeconomics. Using behavioural evidence and insights from Keynesian and institutionalist traditions, it presents an empirically grounded alternative to the paradigm that currently dominates macroeconomic theory. It highlights how dynamic interactions across markets can generate instability, endogenous cycles and secular stagnation. It fully engages with macroeconomic theory, provides a multi-faceted view that explains how and why it is time to rethink its foundations and offers a path forward.
Varieties of Structural Transformation
One of the key features of modern economic growth is the process of structural transformation, which is the movement of workers from agriculture to manufacturing and services. In this study, the author identifies different routes to structural transformation that we see in the developing world. They address the theoretical, empirical and policy implications of the 'varieties of structural transformation' in low and middle income countries. Firstly, using a comparable high-quality dataset, they set out the stylized facts of structural transformation across the developing world. Secondly, they assess the classical and neoclassical approaches to structural transformation and review the recent theoretical developments in the literature. Thirdly, they undertake descriptive and econometric analysis of the drivers of structural transformation, and the relationship between structural transformation and inequality. Finally, they assess the policy implications of our study for developing countries. This title is also available as Open Access on Cambridge Core.
Virtue Capitalists
Virtue Capitalists explores the rise of the professional middle class across the Anglophone world from c. 1870 to 2008. With a focus on British settler colonies - Canada, Australia, New Zealand and the United States - Hannah Forsyth argues that the British middle class structured old forms of virtue into rapidly expanding white-collar professional work, needed to drive both economic and civilizational expansion across their settler colonies. They invested that virtue to produce social and economic profit. This virtue became embedded in the networked Anglophone economy so that, by the mid twentieth century, the professional class ruled the world in alliance with managers whose resources enabled the implementation of virtuous strategies. Since morality and capital had become materially entangled, the 1970s economic crisis also presented a moral crisis for all professions, beginning a process whereby the interests of expert and managerial workers separated and began to actively compete.
Varieties of Structural Transformation
One of the key features of modern economic growth is the process of structural transformation, which is the movement of workers from agriculture to manufacturing and services. In this study, the author identifies different routes to structural transformation that we see in the developing world. They address the theoretical, empirical and policy implications of the 'varieties of structural transformation' in low and middle income countries. Firstly, using a comparable high-quality dataset, they set out the stylized facts of structural transformation across the developing world. Secondly, they assess the classical and neoclassical approaches to structural transformation and review the recent theoretical developments in the literature. Thirdly, they undertake descriptive and econometric analysis of the drivers of structural transformation, and the relationship between structural transformation and inequality. Finally, they assess the policy implications of our study for developing countries. This title is also available as Open Access on Cambridge Core.
Structuralist and Behavioral Macroeconomics
Mainstream macroeconomics is founded on the idea of perfectly rational representative agents. Yet there is a growing realization that economic theories based on such agents are inadequate guides to real-world decision making. The behavioural evidence has had significant impacts on microeconomics but the same cannot be said of macroeconomics. This book is part of the movement to do for macroeconomics what behavioural thinking has done for microeconomics. Using behavioural evidence and insights from Keynesian and institutionalist traditions, it presents an empirically grounded alternative to the paradigm that currently dominates macroeconomic theory. It highlights how dynamic interactions across markets can generate instability, endogenous cycles and secular stagnation. It fully engages with macroeconomic theory, provides a multi-faceted view that explains how and why it is time to rethink its foundations and offers a path forward.
A Realist Philosophy of Economics
EPUB and EPDF available Open Access under CC-BY-NC-ND licence. Economic theory relies heavily on the idea of rational action, but how are we to understand the empirical content of rational choice when we can only observe the outcome, not what goes into making the choice? With contributions from Alan Kirman and Rod O'Donnell, Karl Mittermaier's posthumously published work establishes a new conceptual framework that will enable economic theorists to forge new paths of empirical analysis. Introducing readers to the work of a profound thinker who was not recognized in his lifetime, this book, featuring previously unpublished material, is poised to become a seminal text in the philosophy of social sciences.
Small Firm Ownership and Credit Constraints in India
This book investigates the role of credit constraints in determining the performance of MSMEs in India and considers how gender- and caste-based prejudices influence and inform a firm owner's access to formal credit.
Socialist Economic Development in the 21st Century
Over a century after the first socialist revolution broke the global monopoly of capitalism, a new class of socialist-oriented socioeconomic development is coming. This book offers a balanced and historically rooted interpretation of the successes and failures of socialist economic construction throughout the last century.
Production, Value and Income Distribution
This book investigates the relationship between wages, profits, values and labour employment from a classical-Keynesian perspective.
Disruptive Platforms
This book provides a multi-faceted approach to platforms and their profound impact on markets and ecosystems. Economic, managerial, social and political aspects are analysed, and the differentiation of platforms and their disruptive potential is reviewed.
History of Economic Ideas in 20 Talks
This book provides a concise history of economic thought for readers of all ages. While some basic economics knowledge would be helpful, it is not required. The book sets out to achieve three aims: to be interesting, entertaining, and thought-provoking. While the authors may appear opinionated in certain instances, this is intentionally done in order to alert readers to form their own views. History of ideas does not make the us smarter nor richer, but it can reduce our ignorance and the "banality of evil"--a term Hannah Arendt referred to people who lack self-reflection, "He did his duty...; he not only obeyed orders, he also obeyed the law."
Hardwiring Sustainability Into Financial Mathematics
A ground-breaking work that addresses a crucial challenge facing our planet and the finance discipline, this book discusses key omissions in finance theory, principles, and equations, and explores recent developments in sustainable finance/ESG integration. It reveals a spaceless analytical framework and a sustainability debate that avoids the very logic of money creation. A theoretical treatise on sustainability in finance, the book makes the case for the hardwiring of sustainability into financial mathematics, offering a complementary principle and new equations for the purpose, while also discussing the implications of such a transformation for money mechanics.
Dynamics of Difference
This original conceptualization provides insights into the role of inequality in the processes of change in rural India. It presents in-depth analyses of the nature and form of inequality, and its causes and consequences. The volume examines interpersonal, intergroup, and intrapersonal inequalities in the country's rural transformation.
Fiscal and Monetary Policies in Developing Countries
This book examines the barriers to transformation in developing countries in the wake of the pandemic and analyses the paths to recovery based on an economic-policymaking agenda.
