The Great Depression
This book is part of a new generation of work on the events of the 1920s and 1930s, one that provides a gestalt view of this period. As such, the many events that have until now been viewed as unrelated, are viewed as parts of a greater whole, namely the introduction of a new power drive technology in the form of electric unit drive and its effects. The Roaring Twenties, the spectacular growth of the 1920s, the Smoot-Hawley Tariff Act, the Stock Market Boom and Crash, the decline in investment expenditure, the ensuing depression and the National Industrial Recovery Act are all shown to be related.
Geopolitics, Culture, and the Scientific Imaginary in Latin America
Challenging the common view that Latin America has lagged behind Europe and North America in the global history of science, this volume reveals that the region has long been a center for scientific innovation and imagination. It highlights the important relationship between science, politics, and culture in Latin American history.
Classical Liberalism by Country, Volume 1
Econ Journal Watch maintains an ongoing series of studies on classical liberalism by country. The first articles appeared in 2015. A selection of chapters from that series are here republished largely unchanged from their appearance as articles, though some also contain a postscript (written around January 2023). This first of three anticipated volumes contains a general introduction and chapters on Australia, India, South Africa, China, North and South Korea, and Lebanon.
Research Ethics in Applied Economics
Emphasizing the new challenges posed by the data science revolution, digital media, and changing standards, Research Ethics in Applied Economics examines the ethical issues faced by the applied economics researcher at each stage of the research process.
Kazakhstan: Snow Leopard at the Crossroads
This volume examines the experience of Kazakhstan's transition over the past 30 years, explaining the political and economic performance of the country since the end of the USSR, through the country's institutions, policy choices and external environment.
Financial Capital in the 21st Century
Presents a comprehensive study of the logic and mode of existence of capital in the 21st centuryDevelops a new theory of Speculative Capital related to other forms of capital, the world market, and the stateDistinguishes credit and fictitious capital from speculative capital to show its hegemony today in the capital market
The Impact of Environmental Emissions and Aggregate Economic Activity on Industry
As economic growth continues to rise, so does economic degradation. Though certain rules and regulations do exist, pollution is fast becoming an unpaid factor of production, unlike the remunerations of labour and capital inputs. In this context, the environment is thus used as a factor of production which is not fully compensated. However, its use in the production process can be accurately captured by introducing emissions as an input in an aggregate production function, as Mihir Kumar Pal and other leading experts demonstrate. In a reverse approach, they examine the effect of emissions on industrial growth as opposed to that of growth on emissions, enhancing an awareness of this pivotal trade-off where the intersection between economy and environment currently needs it most. Offering both theoretical and empirical perspectives, The Impact of Environmental Emissions and Aggregate Economic Activity on Industry: Theoretical and Empirical Perspectives is an insightful and original contribution to the sustainable development and economics canon.
Smart Energy Management
This book provides a relatively whole view of data-driven decision-making methods for energy service innovation and energy system optimization. Through personalized energy services provision and energy efficiency improvement, the book can contribute to the green transformation of energy system and the sustainable development of the society. The book gives a new way to achieve smart energy management, based on various data mining and machine learning methods, including fuzzy clustering, shape-based clustering, ensemble clustering, deep learning, and reinforcement learning. The applications of these data-driven methods in improving energy efficiency and supporting energy service innovation are presented. Moreover, this book also investigates the role of blockchain in supporting peer-to-peer (P2P) electricity trading innovation, thus supporting smart energy management. The general scope of this book mainly includes load clustering, load forecasting, price-based demand response, incentive-based demand response, and energy blockchain-based electricity trading. The intended readership of the book includes researchers and engineers in related areas, graduate and undergraduate students in university, and some other general interested audience. The important features of the book are: (1) it introduces various data-driven methods for achieving different smart energy management tasks; (2) it investigates the role of data-driven methods in supporting various energy service innovation; and (3) it explores energy blockchain in P2P electricity trading, and thus supporting smart energy management.
Entrepreneurship & Private Enterprises in Economic Development in Rural India
This book encapsulates the potential and opportunities within Rural India, particularly the small enterprises and the private sector. The papers and essays that are covered here include start-up scenarios, SMEs, farm economics, entrepreneurship and enterprise policy aspects, sustainable development goals and rural economy, to mention a few. There are also sector specific studies on handicraft embroidery enterprises, women entrepreneurs of Kashmir valley and tribal entrepreneurship. Rural tourism, skill development and digital marketing are some other areas that are covered. The crux of this book is that rural enterprises and business ventures are quickly getting transformed, modernized and evolving to the needs of the global market and customers. As they grow, they contribute in the fight to poverty, creating green jobs and acting as a cultural link of real India to the world. The book consists of 19 research articles/studies by an eclectic set of authors from across India. The book also contains select case studies of rural enterprises, agrofarm business ventures and some of the emerging digital platforms and agrotech startups. EditorsDr. P. Koshy, Anita Joseph ContributorsNitin Lahoti Dr.Preet Deep Singh Dr P.M.Mathew Prof.RenuJatana Manisha Nahar SurbhiBhardwaj Prof.Dr.S.N.Tripathy Dr.Lucy Mishra Dr Radhakrushna Panda T PMisra CKViswanath ShubaratShameem Dr.M Rajeswari Dr.Sanjeev Kumar Rishab Manocha Prof.Dr.Mridul Dharwal Dr.Uma S Sharma
Modeling Economic Instability
This book offers a fresh perspective on the early history of macroeconomics, by examining the macro-dynamic models developed from the late 1920s to the late 1940s, and their treatment of economic instability. It first explores the differences and similarities between the early mathematical business cycle models developed by Ragnar Frisch, Michal Kalecki, Jan Tinbergen and others, which were presented at meetings of the Econometric Society and discussed in private correspondence. By doing so, it demonstrates the diversity of models representing economic phenomena and especially economic crises and instability. Jan Tinbergen emerged as one of the most original and pivotal economists of this period, before becoming a leader of the macro-econometric movement, a role for which he is better known. His emphasis on economic policy was later mirrored in the United States in Paul Samuelson's early work on business cycles analysis, which, drawing on Alvin Hansen, aimed at interpreting the 1937-1938 recession. The authors then show that the subsequent shift in Samuelson's approach, from the study of business cycle trajectories to the comparison of equilibrium points, provided a response to the econometricians' critique of early Keynesian models. In the early 1940s, Samuelson was able to link together the tools that had been developed by the econometricians and the economic content that was at the heart of the so-called Keynesian revolution. The problem then shifted from business cycle trajectories to the disequilibrium between economic aggregates, and the issues raised by the global stability of full employment equilibrium. This was addressed by Oskar Lange, who presented an analysis of market coordination failures, and Lawrence Klein, Samuelson's first PhD student, who pursued empirical work in this direction. The book highlights the various visions and approaches that were embedded in these macro-dynamic models, and that their originality is of interestto today's model builders as well as to students and anyone interested in how new economic ideas come to be developed.
The Routledge Companion to the Geography of International Business
The fields of Economic Geography and International Business share an interest in the same phenomena, whilst each provides both a differing perspective and different research methods in attempting to understand those phenomena. The Routledge Companion to the Geography of International Business explores the nature and scope of inter-disciplinary work between Economic Geography and International Business in explaining the central issues in the international economy. Contributions written by leading specialists in each field (including some chapters written by inter-disciplinary teams) focus on the nature of multinational firms and their strategies, where they choose to locate their activities, how they create and manage international networks and the key relationships between multinationals and the places where they place their operations. Topics covered include the internationalisation of service industries, the influence of location on the competitiveness of firms and the economic dynamism of regions and where economic activity takes place and how knowledge, goods and services flow between locations. The book examines the areas for fruitful inter-disciplinary work between International Business and Economic Geography and sets out a road map for future joint research, and is an essential resource for students and practitioners of International Business and Economic Development.
Inflation Dynamic
The book tests various theoretical models about the relationships between money and prices, money growth and inflation, money growth and real output, expected inflation; the output gap, fiscal policy, and inflation, using a number of parametric and non-parametric methods, and pays attention to specifications and estimations problems.
Westernization Movement and Early Thought of Modernization in China
This book examines the Westernization Movement in modern Chinese History, in the latter 19th century and the economic impact on manufacturing and enterprise evolution. It examines the rise, development, and performance of this movement on both the micro and macro-levels. This book reveals achievements in technology transfer without political changes, which set the limits for the westernization movement. It evaluates the link between the Westernization Movement and China's economic reforms after 1978, and the factors that may have constrained the development of economic thought in China. The book provides valuable insights into how Chinese economic thought transitioned, and is a valuable contribution to the debate on how the early Westernization Movement in China caused a change in consumer thought. It will be of interest to academics in economic history and those interested in the development of modern China and the emergence of manufacturing and entrepreneurship in China.
Rural Poverty, Growth, and Inequality in China
This book aims to empirically and theoretically study how the economic growth and inequality affected China's rural poverty since China's reform and opening-up. Apart from the trickle-down effect, some empirical researches show that rising inequality usually links with unfairly shared of the economic growth, which is not good for the poor, and this book particularly concerns with the impact of inequality on poverty reduction. In 11 chapters, it leads readers to review the dynamic changes of rural poverty in China, and estimates rural poverty by various methods, for instance, with analysis by monetary poverty (including income and expenditure poverty), multidimensional poverty, absolute poverty, and relative poverty. Especially attention is paid to apply the "growth-inequality-poverty triangle" model for long-term poverty dynamic changes evaluation. The book revisits poverty reduction strategies in different development periods for rural China and evaluates the poverty eradication achievements stage-by-stage under different analytical methods, in order to provide an objective assessment. Among the chapters, pro-poor growth, Shapley decomposition, poverty elasticity, density estimation, multidimensional poverty analysis, and policy simulation methods are applied for both national wide discussion and rural sub-group heterogeneity analysis. In addition to students, teachers, and researchers in the areas of development, economic growth, equity, and welfare, the book is also of great interest to policy makers, planners, and non‐government agencies who are concerned with understanding and addressing poverty-related issues in the developing countries.
Foreign Exchange
One of the great challenges that many participants in foreign exchange (FX) markets face is sifting through the often overwhelming amount of information that is available. Media outlets stream updates on international politics, economics, and other factors that move FX prices twenty-four hours a day. It is difficult to work out what is and what is not important. This book helps its reader overcome these challenges by combining the insights gained from a market practitioner who has traded FX at Goldman Sachs, PIMCO, and Barclays Investment Bank, with textbook-level modern financial macroeconomic theory. The book covers macroeconomics relating to exchange rate determination. While you could obtain this information from a disparate set of sources―textbooks, academic literature, industry research notes, conversations with other market practitioners, and theories cited in media reports―this book brings all of these sources together to translate the information into concrete FX views that are firmly rooted in the macroeconomic theory of risk premiums, interest rates, and inflation, among other topics. The book promotes time consistent thought that avoids the daily temptation to jump from that day's economic narrative to the next. Of particular interest to buy- and sell-side industry practitioners, finance and economics graduate students, academics, and others interested in FX markets, this book teaches its readers how to do this and improve their own trading and understanding of the FX markets.
Recession Proof Business
Revenue down. New customers scarce. Costs skyrocketing. That's the reality that many businesses are facing today... and the economic storm hasn't even hit yet. For many business owners and leaders, the fear of what's happening, and what's to come, is creeping under their skin and keeping them awake at night. So much uncertainty... so few answers. The storm sirens are blaring as loud as ever: Major - economic bedrock - companies, are missing their targets and steeply down-trending their forecasts. Financial firms are collapsing. Banks are holding back lines of credit, or even recalling them. And billionaires like Jeff Bezos are advising everyone to "batten down the hatches". Yikes! These aren't just empty words of caution either. The data backs it up with Hubspot reporting that a whopping 67% of consumers reported at the end of 2022 that they are spending more cautiously, purchasing less, or outright avoiding making purchases beyond absolute necessities. Another 20% on top of that were expecting to slow their spending in 2023. There is no denying it, the times ahead are going to be hard. There should be no question in your mind about that. The question that should be in your mind is this: "What can I do to prepare my business for the tough times ahead?" That's the question that this book answers.
Integrated Approach to Trade and Transport Facilitation
To promote smoother flows of goods across borders while reducing trade costs, this report explores an integrated approach to facilitating trade and transport across Asia and the Pacific, for better engagement in value chains. The report examines the current state of trade and transport facilitation, analyzes gaps in the available guidance, and provides strategic recommendations. It includes a framework for the assessment of trade readiness at national and subnational levels and illustrates its implementation through case studies of Cambodia and Thailand. The report aims to help governments boost the region's recovery from COVID-19 disruption by making cross-border trading and transport arrangements more efficient and more sustainable, inclusive, and equitable.
Food Security, Affordable Housing, and Poverty
This book is the product of an attempt to look differently at the issue of poverty, along with food security and affordable housing. There is a tendency in conventional economics and finance literature to be apologetic when dealing with globally prevailing and unfair economic and financial systems. Islamic economics and finance academia is not immune from this tendency. The book aims to raise awareness about the root causes and suggests novel proposals that will lead to sustainable solutions. It is based on the understanding that if we continue doing more of the same things, we cannot expect to produce different results. This book is also premised on the understanding that the financial sector can promote economic progress only if it channels capital to the most productive use while avoiding moral hazard and adverse selection. The issue of collateral taking promotes a situation where financial institutions prefer to lend only too big-to-fail structures for shelter and food sectors that fuel poverty and inequality. This adverse selection ultimately gives rise to food security and affordable housing issues. This indicates that financial liberalization is not the solution to dealing with poverty and inequality. Instead, strong policy initiatives and financial regulations to direct capital to provide long-term sustainability are needed.
Using Economic Indicators in Analysing Financial Markets
Using Economic Indicators in Analysing Financial Markets is an invaluable resource for investors, strategists, policymakers, students, and private investors worldwide who want to understand the true meaning of the latest economic trends to make the best decisions for future profits on financial markets.
BIMSTEC Trade Facilitation Strategic Framework 2030
This report outlines nontariff barriers to trade between BISMSTEC subregion countries and shows how a structured approach centered on boosting compliance, harnessing technology, and improving infrastructure can bolster intraregional trade. It gives a run-down of the trade infrastructure and regulations of each member country-Thailand, India, Bangladesh, Myanmar, Sri Lanka, Bhutan and Nepal-outlines the constraints each faces and details progress made to date. Explaining how the region is recovering from the pandemic, it shows how factors such as faster clearing, stronger mutual agreements, and greater automation can streamline trade between the countries and spur economic growth.
Beyond Bitcoin
Over the last few years, we have witnessed an upsurge of enthusiasm about cryptocurrencies and, more generally, the so-called blockchain technology. In this new and updated edition, the authors explore what exactly these new technologies entail and promise. They argue that to understand the potential challenges and further developments in the market, one needs to develop an understanding of what needs these innovations fulfill and what business models are consistent with their use. For that, we need to sufficiently understand both the technology and how it affects the economic forces at play.This book goes beyond the headlines that say "blockchain will decentralize everything" and provides in-depth, rigorous analysis of what can be effectively decentralized and how this decentralization will work. The book draws not only on the general knowledge of digital currencies and blockchain technologies, but also on recent academic research on the topic. Featuring a fully updated chapteron cryptocurrencies and new chapters on smart contracts and enterprise blockchains, this book is critical reading for those interested in how technology developments impact business and society.
Leveraging Thematic Circuits for BIMSTEC Tourism Development
This report shows how countries in the BIMSTEC subregion can work together to rebuild their pandemic-battered travel industries and create intraregional thematic tour packages to boost visitor numbers and support sustainable development. It lays out comprehensive action plans involving each member country--Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand--and highlights the potential of cross-border tourism circuits based on themes such as wildlife, trekking, or religion. It explains the potential to grow intraregional tourism, use public-private partnerships, and harmonize infrastructure, connectivity, and marketing to develop seamless travel between member countries and fast-track their economic recovery.
The Political Economy of Transnational Power and Production
How and why Mexico's socioeconomic structure was transformed through plutocratic preferences, US corporate strategies and ideology-all powering transnational processes of neoliberalization-are issues examined in this comprehensive, carefully documented, publication covering four crucial decades of metamorphosis.
The Ideological Foundations of Qing Taxation
How states develop the capacity to tax is a question of fundamental importance to political science, legal theory, economics, sociology, and history. Increasingly, scholars believe that China's relative economic decline in the 18th and 19th centuries was related to its weak fiscal institutions and limited revenue. This book argues that this fiscal weakness was fundamentally ideological in nature. Belief systems created through a confluence of traditional political ethics and the trauma of dynastic change imposed unusually deep and powerful constraints on fiscal policymaking and institutions throughout the final 250 years of China's imperial history. Through the Qing example, this book combs through several interaction dynamics between state institutions and ideologies. The latter shapes the former, but the former can also significantly reinforce the political durability of the latter. In addition to its historical analysis of ideological politics, this book makes a major contribution to the longstanding debate on Sino-European divergence.
Export Quality and Income Distribution
Given the increasing sensitivity of buyers in the richer countries towards quality of goods they consume, low-quality exports largely constrain export-growth of the developing countries. This Element documents the attempts to estimate cross-country quality variations and reviews the demand side and supply side explanations for the low-quality phenomenon. It examines how trade policies can incentivize export-quality upgrading, and discusses the underlying channels through which a reverse causality from export-quality upon within-country income or wage inequality may develop.
A Critique of Modern Monetary Theory
Modern Monetary Theory (MMT) is a model of economics that has gained more attention in recent years, likely because of its message that countries who create their own currency can never run out of money and will always be in a position to pay for any expenses. Such spending, MMT proponents allege, is not impaired by the inability to raise sufficient funds by taxes, and further, borrowing to pay for government spending provides no obstacles due to the ability of the government to create more money and support any required borrowing by the government. Critiques of MMT are often just based on an underlying belief that it "sounds wrong", or is an attempt to get "something for nothing". Many others who have attempted to understand this model have been left confused. As it turns out, the model of economics I presented in the book "Enlighten Capitalism: A Keynes Primer" allows, in my opinion, a thorough and objective analysis of the tenets of MMT. I focus on a few central concepts that I believe will allow the reader to understand what might be right, and what might be wrong in the MMT model, and make their own decisions about the wisdom of adopting their recommendations.
The Dragon's Underbelly
This book shows why Vietnam has not become the dragon it is often touted to be. The team of authors include both long-time observers and junior scholars who present cutting-edge research on the latest trends as well as major challenges facing the country's economy and political system. As Vietnam seeks to escape from poverty and the legacies of mistaken socialist policies, its economy has become fully integrated into the global economy. Yet, without an effective and far-sighted leadership, it is still occupying a low position in the global value chains and becoming increasingly dependent on China. Politically, after three decades of reform, the Vietnamese Communist Party's grip on power has well adapted to the market economy, but is confronting deep vulnerabilities as observed in its eroding ability to control workers, the media, public universities, and state-owned enterprises. The book also includes a section that applies formal and statistical methods to compare Vietnam with China in two critical areas of political accountability and anti-corruption policy.
Pro-poor Development Policies
"This collection of essays provides a wealth of information and analysis about the Philippine economy and the role of agriculture and economic policy in it. The Philippine experience has been quite different from the highly successful Asian economies, with a long period of low growth until the turn of the century and only then greater success. The authors cover not only the Philippine experience but also place it in its Asian context and that of developing countries more generally. They report on the lessons learned, both positive and negative, from the various economic policies that have been adopted, with regard to both agriculture and to economic inequality. Those interested in Philippine economic development, and Asian development more broadly, will find this an important reference work."--Anne O. Krueger, Senior Research Professor, Johns Hopkins School of Advanced International Studies; 1st Deputy Managing Director, IMF (2001-6); Vice-President of Economics and Research, World Bank (1982-86)
Behavioural Economics and the Environment
This book is a comprehensive and innovative tool for researchers and students interested in the behavioural economics of the environment and in the design of policy interventions aimed at reducing the human impact on the environment.
An Economic History of British Steam Engines, 1774-1870
This book traces the diffusion trajectory of the second and third generation of British steam engines, the Watt and high-pressure models, covering the period 1774 to 1870. It begins by subjecting to econometric analysis the latest version of Dr. Kanefsky's database on 18th century steam engines coming up with an upward revision of the total amount of horsepower installed by 1800. Subsequent chapters delve into the determinants of the diffusion process through the third quarter of the 19th century relating to engines used both in mining and industry as well as transportation (railways, steam cars). The book's main contribution to the literature lies in drawing material from a very large volume of 18th- and 19th-century sources found in the Dibner Library of Rare Books, Smithsonian, and by utilizing a fair amount of technical literature pertaining to the economic factors driving the diffusion process. This great expansion of the empirical material has led to bringing multiple revisions to the work of other authors on the key aspects and determinants of the diffusion process. In conjunction with the publication by the author of an earlier monograph on the first generation of steam engines, the Newcomen model, the present study completes the task of offering the most comprehensive account of the preeminent and most strategic technology of the British Industrial Revolution. This book will appeal to students, scholars, and researchers of economic history and history of technology, interested in a better understanding of the industrial revolution in general and the role of British steam engines in particular.
Why Are Presidential Regimes Bad for the Economy?
Recent evidence suggests that macroeconomic outcomes are inferior in countries operating under presidential regimes compared with those with parliaments. This book considers why presidential regimes, in particular, are so bad for the economy and contributes to literature on political economics, macroeconomics and forms of government.
The Hope of the Poor
Is economic development the best hope for the world's poor? A great many individuals, governments and organizations think the obvious answer is 'Yes', the only issue being about how development can best be achieved. In recent decades some powerful voices from economics and anthropology have taken issue with this widespread consensus, and this book aims to add a philosophical dimension to the debate. Just who are 'the poor', and what should they hope for? Is the best hope of having a worthwhile life any different for the poor than it is for the rich?Drawing on Aristotle, Bacon, Hume, Reid, Marx and Nietzsche, as well as contemporary authors such as Amartya Sen, Martha Nussbaum and Tim Ingold, Gordon Graham argues in favour of replacing quantitative assessments of wealth and poverty with a qualitative account of the ways in which human lives can be enriched or impoverished. The final chapter explores the connection between economic and political development and religious ways of thinking.
The Industrial Processes of Large Economies
This book tries to build a broad view on industrial processes of large economies and their integration in the world. It provides insight into the industrialization progresses of the quartet of USA, China, Germany and Japan, all attaining individual industrialization success by distinct trade, fiscal and industrial policy path, the underlying principles of which can be traced back to respective nation's roots in civilization. The combination of their industrial output led to the integrated formation of international industrial distribution. While being highly productive, the current distributed pattern yields benefits that are unevenly dispersed among different regions, industries and societal groups within each participating nation and among engaging economies. To address the uneven benefits distribution at both domestic and international levels, large industrial economies took a plethora of policy actions that will impact industrial ecosystem and portfolio results. The book aims to help readers to build better investment strategies and robust risk management practice under the context of uncertainty and successfully navigate through choppy waters in the years ahead.
The Theory of Accumulation
This book treats the mechanisms of growth and cycles in capitalist economies in a unified manner, incorporating a highly original macro-dynamic theory based on Marxian micro-foundations and historical perspectives. That theory was developed about 50 years ago by Nobuo Okishio (1927-2003) and included the ideas of Keynes and Harrod. In mainstream economics, it used to be standard to analyse long-term economic growth and business cycles in different frameworks. That approach has been changing recently, but it still tends to be common to discuss them separately. At the outbreak of the global financial crisis of 2007-2008 and the prolonged stagnation that followed, there was strong criticism among policymakers and businesspeople that mainstream macroeconomics failed to provide convincing explanations and effective policy recommendations. This book offers an alternative perspective that responds to those criticisms. All these macroeconomic difficulties call for new wisdom beyondthe limited neoclassical framework. The sharp, wise thoughts of Okishio will add new tools for young researchers worldwide to meet the challenges of the current resource misallocation, the Great Recession and the Lost Decades problems. Okishio proposes a historical perspective for the capitalist system, first. He argues that production relations are conditioned by productive force. The former should evolve as the latter improves, and the latter should evolve in order for human society to survive. While reproduction is indispensable for the economy to continue in any production relations, it takes a specific form in capitalist economy. He next shows that the existence of profit requires the exploitation of the labourer. This is called the Fundamental Marxian Theorem. He also shows a trade-off relationship between the real wage rate and the profit rate. In his theory, the real wage rate is determined to clear commodity markets in the short run as in the Keynesian theory, while Marx believed that the real wage rate is given at subsistence level or is influenced by the labour market. Okishio attributes the origin of the business cycle to labourers' under-consumption and private capitalists' dispersive decision of accumulation. The former is caused by exploitation, and the latter is based on the capitalist class's private ownership of the means of production. Both are derived from the nature of the capitalist economy. He argues lastly that, in the long term, the development of productive force through the business cycle will transform the production relation into a new economic system.
Reinterpreting Mr. Keynes
This book examines the origins of the IS-LM model, one of the most significant innovations in the history of economic thought. It shows that the complete IS-LM model, including the equations and diagram, was produced by a group of economists who contributed their respective mathematical models of Keynes's General Theory, including Champernowne, Reddaway, Harrod, and Meade, not to mention Hicks. Furthermore, the book discusses the implications of newly discovered archival material, including a previously overlooked document showing that John Maynard Keynes himself was the first to present the IS-LM model equations in a lecture he gave on December 4, 1933. It focuses on the implications of this material in terms of understanding the evolution of Keynes's approach from 1933 to 1937, later interpreters of his General Theory, and the ongoing debate between Keynesians and Post-Keynesians on the nature of his system. Given the revelations it presents, this book will transform the profession's understanding of the origins of the IS-LM model and modern macroeconomics.
Economic Prehistory
Around 15,000 years ago, almost all humans lived in small mobile foraging bands. By about 5,000 years ago, the first city-states had appeared. This radical transformation in human society laid the foundations for the modern world. We use economic logic and archaeological evidence to explain six key elements in this revolution: sedentism, agriculture, inequality, warfare, cities, and states. In our approach the ultimate cause of these events was climate change. We show how shifts in climate interacted with geography to drive technological innovation and population growth. The accumulation of population at especially rich locations led to creation of group property rights over land, stratification into elite and commoner classes, and warfare over land among rival elites. This set the stage for urbanization based on manufacturing or military defense and for elite-controlled states based on taxation. Our closing chapter shows how these developments eventually resulted in contemporary global civilization.
Zero-Sum Economics
Zero-sum economics is a new theory of economics that can be used to explain the general operation of economies including such phenomena as business cycles, cash distribution, global labor, and ultimately poverty. These explanations use system analysis and control theory to describe how economic phenomena occur and use numerical simulations and current economic statistics to validate the claims. The most interesting part of this theory is that it shows how to stabilize an economy to avoid business cycles that cause recurrent recessions and potentially solve poverty.This edition has more details about Universal Basic Income (UBI) and Other supporting details about how and why this strategy would work.
Invest in Cancer Stocks
If you like investing in stocks and hate cancer, then why not build wealth by investing in companies dedicated to fighting the disease? Eric Shea Broadus, a cancer survivor and the founder of an investment advisory firm, draws on his decades of experience in the financial arena to help investors make money while supporting a great cause. Learn how to: - determine who to consult when making investment decisions; - identify publicly traded companies that are waging war against cancer; - evaluate investments based on key metrics; - establish and track investment goals. Throughout the book, the author highlights why supporting companies that are seeking to fight, treat, and cure cancer is so important, as well as the lessons he learned battling cancer. Companies dedicated to fighting cancer and bolstering the immune system are making a significant difference for millions of current and future cancer patients and have produced wonderful financial returns for many investment portfolios. Learn how to build a profitable portfolio consisting of oncology stocks, health insurance stocks, and real estate investment trusts related to cancer treatment with this guide.
Invest in Cancer Stocks
If you like investing in stocks and hate cancer, then why not build wealth by investing in companies dedicated to fighting the disease? Eric Shea Broadus, a cancer survivor and the founder of an investment advisory firm, draws on his decades of experience in the financial arena to help investors make money while supporting a great cause. Learn how to: - determine who to consult when making investment decisions; - identify publicly traded companies that are waging war against cancer; - evaluate investments based on key metrics; - establish and track investment goals. Throughout the book, the author highlights why supporting companies that are seeking to fight, treat, and cure cancer is so important, as well as the lessons he learned battling cancer. Companies dedicated to fighting cancer and bolstering the immune system are making a significant difference for millions of current and future cancer patients and have produced wonderful financial returns for many investment portfolios. Learn how to build a profitable portfolio consisting of oncology stocks, health insurance stocks, and real estate investment trusts related to cancer treatment with this guide.
Keynes's Evolutionary Spirit
This book chronicles the way Keynes's generous philosophy of practice evolved in consonance with the needs of his epoch. From a youngster reflecting on ethics and the classics, to becoming a leading voice in both wars in terms of political philosophy and international relations, to playing the role of innovator in both probability and economics, to taking a stance as an art appreciator, Keynes's life and multidisciplinary contributions to humankind were permeated by his philosophical milieu. However, only a flexible, dynamic, and broad philosophy could have reflected and led the economic and political events in the world of the first part of the 20th Century, which is what Keynes managed to accomplish, and that is what the book suggests. This book captures the gist of Keynes' evolutionary philosophy for our times. The book adds an evolutionary perspective to the existing literature on Keynes. As a case in point, the theoretical foundations of both macroeconomics and laissez faire are dissected. But the book also tells the story of how Keynes's philosophy is adapted to a convulsed world, which is akin to ours, his legacy being gifted with multiple human considerations. The book offers an outline of Keynes's philosophical stance--also compared with those of other European thinkers--at a moment when new ethical, epistemological, economic, and political perspectives are required, especially after the crisis of 2020. The conclusion is that Keynes織s theoretical and practical insights were far ahead of his time.
Information Choice in Macroeconomics and Finance
An authoritative graduate textbook on information choice, an exciting frontier of research in economics and finance Most theories in economics and finance predict what people will do, given what they know about the world around them. But what do people know about their environments? The study of information choice seeks to answer this question, explaining why economic players know what they know--and how the information they have affects collective outcomes. Instead of assuming what people do or don't know, information choice asks what people would choose to know. Then it predicts what, given that information, they would choose to do. In this textbook, Laura Veldkamp introduces graduate students in economics and finance to this important new research. The book illustrates how information choice is used to answer questions in monetary economics, portfolio choice theory, business cycle theory, international finance, asset pricing, and other areas. It shows how to build and test applied theory models with information frictions. And it covers recent work on topics such as rational inattention, information markets, and strategic games with heterogeneous information.Illustrates how information choice is used to answer questions in monetary economics, portfolio choice theory, business cycle theory, international finance, asset pricing, and other areasTeaches how to build and test applied theory models with information frictionsCovers recent research on topics such as rational inattention, information markets, and strategic games with heterogeneous information
Analysis and Linear Algebra
This elementary introduction was developed from lectures by the authors on business mathematics and the lecture "Analysis and Linear Algebra" for Bachelor's degree programmes
China's Miracle in Foreign Trade
Part 1. Overview.- Chapter 1.China's opening-up policies: achievements and prospects.- Part 2. Import substitution & trade protection.- Chapter 2. The economics of price scissors: an empirical investigation for China.- Chapter 3.Measuring the impact of trade protection on industrial production size.-Part 3. Export-led & firm productivity.- Chapter 4. China's processing trade: A firm-level analysis.- Chapter 5. Estimating productivity using Chinese data: methods, challenges and results.- Chapter 6. Place-based industrial policy and firm productivity.- Chapter 7. Managerial efficiency and product decision: evidence from Chinese firms.- Part 4. Trade liberalization strategy.- Chapter 8. Measured skill Premia and input trade liberalization: evidence from Chinese firms.- Chapter 9.Input trade liberalization and import switching: evidence from Chinese firms.- Part 5. All-round opening-up strategy.- Chapter 10. Worker training, firm productivity, and trade liberalization: evidence from Chinese firms.- Chapter 11. China's free trade ports: Effective action against the threat of de-globalization.- Chapter 12. Forty years of opening up has greatly benefited China's foreign trade.- References.
Banking, Projecting and Politicking in Early Modern England
Banking, Projecting, and Politicking uncovers a previously understudied and unacknowledged financial institution in late-seventeenth-century England known as Thompson and Company. Whilst the institution has been briefly mentioned in literary studies focusing on the poet and politician Andrew Marvell, it has never been the sole focus of an economic, financial, commercial, or political study in its own right. As such, nothing is known of how it operated, where it sits in the history of English finance, why it collapsed, or what it can tell us about wider Restoration society and its economic and political culture. Through a microhistorical study, the book reconstructs the institution of Thompson and Company, the social networks of its partners, the identity of its creditors, and the events and circumstances that led to its collapse. The book situates the reconstructed institution within its economic, commercial, financial, and political contexts, using the evidence accruedto question the traditional narrative of financial and commercial development, credit systems, the relationship between economics, finance, commerce and politics, and the place of risk and strategy in gendered relations, credit, and social status. The book will be of interest to academics and students in economic history, financial and business history.
Unfree Workers
This book examines how convicts played a key role in the development of capitalism in Australia and how their active resistance shaped both workplace relations and institutions. It highlights the contribution of convicts to worker mobilization and political descent, forcing a rethink of Australia's foundational story. It is a book that will appeal to an international audience, as well as the many hundreds of thousands of Australians who can trace descent from convicts. It will enable the latter to make sense of the experience of their ancestors, equipping them with the necessary tools to understand convict and court records. It will also provide a valuable undergraduate and postgraduate teaching tool and reference for those studying unfree labour and worker history, social history, colonization and global migration in a digital age.
Economic Adjustment and Growth
This book focuses on conceptualizing the process of economic adjustment and growth, and testing it with empirical methods. The critical components of a successful economic growth strategy include physical, financial, and educational infrastructures supported by macro-financial stabilization policies and structural reforms. With this in mind, the authors begin with a review of the neoclassical growth model, before delving into more specialized topics such as endogenous growth, adaptive inflationary expectations, learning by doing, optimal saving, and sustainable foreign debt. The final chapter presents Philippines as a case study, and narrates the evolution of a successful strategy of adjustment and growth practiced by an emerging market economy that had shown stellar pre-pandemic growth performance, low and stable inflation, and a sustainable external current account position.
